Mileti, founder of NBA's Cavaliers, dies at age 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.

"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," the Cavaliers posted on X. "A true pioneer in the world of sports, Nick was not just a leader; he was a dreamer who transformed that dream into reality for countless fans in Cleveland."

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

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 contributed to this report.

Mileti, founder of NBA's Cavaliers, dies at age 93

Mileti, founder of NBA's Cavaliers, dies at age 93

Mileti, founder of NBA's Cavaliers, dies at age 93

Mileti, founder of NBA's Cavaliers, dies at age 93

Mileti, founder of NBA's Cavaliers, dies at age 93