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Mileti became the founder and owner of the Cavaliers, paying $3.7 million for the expansion team. The Cavaliers played their first season in the NBA during the 1970-71 season, and Mileti remained part of the ownership group until 1980, when he sold his stake in the team for $1.4 million. During his tenure as team owner, the Cavaliers posted a 305-434 record and made the playoffs three times.

“There was no magic to this. The city of Milwaukee, the city of Phoenix had NBA teams and Cleveland, the eighth largest city in America, didn’t have one,” Mileti said in 2019 of bringing an NBA team to Cleveland. “It didn’t take a genius to figure out it had to get one.”

The Cavaliers posted this memorial video of Mileti on Wednesday:

Two years after selling his stake in the Cavaliers, Mileti also headed a group of investors that purchased Major League Baseball’s Cleveland franchise. After initially having his winning bid denied by the remaining American League club owners, Mileti was able to earn approval and complete the transaction in March of 1972 by looping in additional minority partners.

Mileti was honored by the Cavaliers in 2019 as an inaugural member of the “Wall of Honor,” an annual ceremony to honor those who have played an important role in the team’s history. During the ceremony, Mileti was awarded a championship ring from the team’s 2016 title run, and he spoke proudly about his time with the Cavaliers and his association with the team.

“In this building right now is some of the greatest talent in the history of sports,” Mileti said. “All I can say is it’s been an honor to be associated with people with this much class.”

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