Michael F. Price, a 1973 OU business administration graduate and successful investor, died Sunday, March 13.
Price, 70, died peacefully in his sleep after a lengthy illness, according to Bloomberg. OU President Joseph Harroz said in a release that Price was an extraordinary friend and benefactor, and his generosity transformed OU at the College of Business and across campus.
“He has left an indelible impact from which generations of Sooners will benefit,” Harroz said in a statement. “We grieve with the Price family today, but we know that Michael’s remarkable legacy won’t soon be forgotten at OU. His is a legacy of ardent love for our university and our people, and we’re so thankful for how his entire family, including his children, made OU their home.”
Price made a historic $18 million gift to the College of Business Administration in 1997, which led to the OU Board of Regents naming the college after him. The gift was the largest single gift to a public university and higher education institution in Oklahoma at the time.
The 55,000-square-foot Price Hall opened in the summer of 2005, and Price was honored by former OU President David Boren with its dedication in the fall.
The investment was put toward eight endowed faculty positions, a library endowment, scholarships and graduate assistantships, and a masters of business administration student support system, according to the Price College of Business website. The college also offers a Price Finance Scholar's Program, which allows masters of business administration students to intern in New York's financial district or with a major corporation, take a course at Stern School of Business at New York University and participate in a two-day value investing seminar at Columbia University.
Price College Dean Corey Phelps said in the release that Price loved OU and showed this love by pushing OU to be better for students and Oklahoma by generously giving his time and expertise.
“As benefactor of the OU Price College of Business, Michael was our biggest champion, deeply involved in helping us with no regard for recognition,” Phelps said. “We are deeply saddened by Michael’s passing, and we grieve with his family for their loss. His legacy will live on in his children and grandchildren, in OU and the Price College of Business, and in the future generations of Sooners his generosity will support.”
Price grew up a Long Island native and a Sooner football fan, and he attended OU over a college on the East Coast, according to the Price College of Business website. He recently pledged a $2.5 million donation to OU athletics with the Price Family Foundation.
OU Vice President and Director of Athletics Joe Castiglione said in the release that time spent with Price was inspiring and energizing. He said he had a great way with people and his passion for all things Oklahoma was evident.
“He was a visionary and saw greatness in many opportunities long before most could,” Castiglione said. “Moreover, his action-oriented leadership style made great things happen and in a big way. His journey to OU to play football started a legacy that will live on forever and his constant support of student-athletes will endure. Jenny, Andrew, Jon, Jordan, Charlie, Gracie, Teddy and the entire Price family are deep in our thoughts and prayers during this difficult time.”
Early in his career, Price worked for Max L. Heine, the founder and president of Heine Securities Corporation, as a research assistant in New York. By 1982, the two were partners, and Price purchased Heine’s company following his death in 1988. He increased the value of mutual funds to more than $17 billion before selling the company to Franklin Securities in 1996.
Price was the chairman of the board of Franklin Mutual Advisers Inc. and Franklin Mutual Series Fund Inc. He was also the founder and CEO of Mobile Briefs, which served as a pioneer in personalized audio broadcasting.
Price was a trustee for the OU Foundation and a member of the International Programs Center’s Board of Visitors. He was awarded an honorary degree from the institution and served as its commencement speaker in 1998.
The OU Foundation recently received a $42 million “irrevocable estate commitment” from an anonymous donor to help fund initiatives within the Price College of Business, according to the Board of Regents’ March 8-9 agenda. Jared McDuffey, OU Advancement's executive director, told to The Daily on Friday that the estate commitment was not made by Price or the Price Family Foundation.
Price is survived by his wife, Jenny, six children and 10 grandchildren, according to the release.
This article was updated at 3:20 p.m. Friday to include a statement from OU Advancement's executive director.
