Nick Mileti, a prominent figure in the Cleveland sports landscape in the 1970s, passed away at the age of 93. He was a key figure in ownership groups that played a significant role in bringing the NBA to Cleveland by founding the Cavaliers in 1970. Selling shares of the expansion team at $5 each, Mileti raised $2.25 million to cover the $3.7 million expansion fee. His contributions to the sports scene in Cleveland were truly transformative, and his impact will be deeply missed by countless fans.
Mileti’s involvement in sports ownership did not stop with the founding of the Cleveland Cavaliers. He purchased controlling interest in the city’s Major League Baseball franchise, the Indians, in 1972. Alongside future U.S. Sen. Howard Metzenbaum, Mileti oversaw the construction of the Richfield Coliseum, the home of the Cavs from 1974 to 1994. In 1972, he also acquired a World Hockey Association franchise, the Crusaders, moving it from Calgary to Cleveland. Additionally, he owned two major radio stations in the city.
Despite his success in the sports business, Mileti faced challenges as well. He was replaced as president of the Indians in 1975 and was forced to sell his stakes in the team due to pressure from banks. The Crusaders ceased operations in 1976 after an NHL team established itself in Cleveland, leading Mileti to sell his stake in the Cavaliers in 1980. However, this setback did not deter him from returning to the sports industry. Moving to California in 1979, Mileti went on to found the Canadian Football League’s Las Vegas Posse, own multiple radio stations, and even write three books.
Mileti’s influence in Cleveland sports continued long after he sold his ownership stakes in various teams. In 2019, he was inducted into the Cavaliers’ Wall of Honor as part of the team’s 50th-anniversary celebration. During the induction ceremony, he was honored with an NBA championship ring from the Cavs’ first title-winning team in 2015-16. Former Cavs star Jim Chones reflected on Mileti’s legacy, emphasizing his unwavering commitment to making Cleveland great again. Despite his soft-spoken demeanor, Mileti’s impact on the city was undeniable, with his vision and dedication leaving a lasting mark on Cleveland sports history.