Cavaliers founder Nick Mileti dies at 93

Nick Mileti, the founder of the Cleveland Cavaliers and former owner of the city's MLB franchise, died Wednesday at the age of 93.

Both the Cavaliers and the Cleveland Guardians confirmed his passing with announcements on social media Thursday.

"The Cleveland Guardians are saddened by the loss of former owner Nick Mileti," the team posted on X. "A native Clevelander, Mileti was a staple of the 1970s sports world. Our thoughts go out to his family and friends."

At various times, Mileti also owned two hockey teams in Cleveland, as well as the Cleveland Arena and the Richfield Coliseum.

Mileti paid $3.7 million to bring an NBA expansion team to Cleveland in 1970. He remained part of the Cavaliers' ownership group until 1980.

In 1972, Mileti headed a group of investors that purchased Cleveland's major league baseball franchise, then known as the Indians. Ownership passed to his business partner Ted Bonda in 1975.

--Field Level Media