Nick Mileti, who established and owned the Cavaliers as well as various other sports teams in Cleveland, has passed away, according to his family and Dan Coughlin from Fox 8 News. He was 93 years old.
Mileti passed away on Wednesday morning, as reported by Fox 8. A Cleveland local and former lawyer, he initiated the Cavaliers franchise in 1970, investing a $3.7 million expansion fee to join the NBA.
Prior to that, he had acquired the Cleveland Barons hockey team and the old Cleveland Arena, and later on, he secured the baseball team known as the Cleveland Indians, as well as another hockey team, the Cleveland Crusaders.
In addition to these ventures, Mileti acquired land in Richfield to construct the iconic Coliseum in 1974, which he also owned. The venue kicked off with a Frank Sinatra concert on October 26, 1974, and became the backdrop for memorable moments in Cavs history, including The Miracle of Richfield and the strong teams of the late 1980s and early ’90s featuring stars like Brad Daugherty, Mark Price, Larry Nance, and coach Lenny Wilkens.
“I want to have fun, make some money, and leave a legacy,” he told sportswriter Bob Oates from the Los Angeles Times in 1972.
The Cavaliers honored Mileti with a championship ring after the team secured its first and only title in 2016.
“The Cavaliers came closest to winning a title among all of Mileti’s sports franchises,” noted Larry Pantages of the Akron Beacon Journal in August 2021. “They made the NBA playoffs for the first time in the 1975-76 season and won a thrilling seven-game series against the Washington Bullets, but lost to the Boston Celtics in the Eastern Conference finals.
“The 16-day journey from April 13-29 became known as ‘The Miracle of Richfield’ and is still fondly remembered by fans during a tough era for the Browns and the Cleveland baseball team.
“If star forward Jim Chones had not suffered a broken foot and missed playing time, some analysts believed the Cavs could have taken down the Celtics and been favored against the Phoenix Suns in the NBA Finals. Unfortunately, that was not meant to be.”
Mileti expressed his gratitude to fans in a letter included in the 1976-77 souvenir game program.
“You have become legends in your own right,” he stated. “You set the standard for all basketball crowds from now on. Everyone connected with the Cavaliers takes pride in you and your crucial role in… guiding the team toward a championship and restoring the word PRIDE into the narrative of Northeast Ohio.”
In June 1980, Mileti transferred ownership of the Cavs to the later-infamous owner Ted Stepien.
“Mileti eventually left Cleveland in 1979 for Beverly Hills, where he produced and funded plays and movies, before making his return to Northeast Ohio,” wrote Lou Maglio of Fox 8.
