Nick Mileti, the pioneering force who helped shape Cleveland’s sports landscape, passed away on Wednesday at the age of 93. A native of Cleveland, Mileti’s impact on the city’s sports scene is profound. Beyond founding the Cleveland Cavaliers, he also once held ownership of the Cleveland Guardians (formerly Indians) and a minor league hockey team.
Mileti’s journey into sports ownership began in 1968 when he purchased the Cleveland Barons, a minor league hockey team, along with the Cleveland Arena, the team’s home venue. His vision for the city’s sports future led him to champion the idea of bringing an NBA team to Cleveland. His efforts paid off in 1970 when the NBA awarded Cleveland an expansion team, which became the Cavaliers.
We are saddened to learn of the passing of Nick Mileti, the beloved founder whose passion and vision ignited the spirit of Cavaliers basketball in our great city. A true pioneer in the world of sports, Nick was not just a leader; he was a dreamer who transformed that dream into… pic.twitter.com/mw6QifgGEL
— Cleveland Cavaliers (@cavs) August 22, 2024
As the Cavaliers’ founding owner, Mileti paid $3.7 million to establish the team. The Cavaliers debuted in the 1970-71 NBA season under his leadership. During Mileti’s ownership, the team recorded a 305-434 win-loss tally and made the playoffs on three occasions. His involvement with the Cavaliers continued until 1980 when he sold his stake in the team for $1.4 million.
Reflecting on his success in securing an NBA team for Cleveland, Mileti remarked in 2019, “There was no magic to this. Milwaukee and Phoenix had NBA teams, and Cleveland, the eighth-largest city in America, didn’t have one. It didn’t take a genius to figure out it had to get one.”
In 1972, Mileti expanded his influence in Cleveland sports by leading a group of investors to purchase the city’s Major League Baseball team. Despite initial setbacks, including a rejected bid by American League owners, Mileti eventually secured approval for the transaction by bringing in additional minority partners. However, financial difficulties soon emerged, particularly after George Steinbrenner acquired the New York Yankees in 1973. Two of Mileti’s minority investors, Gabe Paul and Steve O’Neill, departed to join the Yankees, further straining Mileti’s finances. Although he sought other investors, Mileti eventually relinquished his role as the majority owner to Ted Bonda, and by 1975, he was fully bought out.
Nick Mileti’s contributions to Cleveland sports were formally recognized in 2019 when he was inducted as an inaugural member of the Cavaliers’ “Wall of Honor.” During this ceremony, which celebrates those who have significantly impacted the team’s history, Nick Mileti was presented with a championship ring from the Cavaliers’ 2016 NBA title. He expressed deep pride and gratitude for his association with the team, stating, “In this building right now is some of the greatest talent in the history of sports. All I can say is it’s been an honor to be associated with people with this much class.”
Mileti’s legacy lives on in the hearts of Cleveland sports fans, forever cemented as a key architect of the city’s rich athletic tradition.
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