Nick Mileti
Encyclopedia
Nick James Mileti was, during the 1970s, the owner of the Cleveland Indians
, Cleveland Cavaliers
, Cleveland Crusaders
hockey team, the Coliseum at Richfield
and radio station "3WE" WWWE AM/1100 (now WTAM
).
He headed a syndicate that founded the Cavaliers in 1970 as an expansion team
, paying a fee of $3.7 million, selling his twenty percent interest in the team in 1980 for $1.4 million. Another syndicate he headed purchased the Indians in 1972 for $10 million from Vernon Stouffer
.
He was a master of leverage, owning 51 percent of his enterprises with little of his own money at risk.
He used brains, hard work, contacts, and high energy to pull himself up from his working class origins. He put himself through Bowling Green State University
(BGSU), where the Alumni Center is now named in his honor. He was a member of the Theta Chi fraternity at BGSU. Following his time at BGSU, he earned a law degree from Ohio State University
. After military service he opened a law practice in Lakewood, Ohio
and became prosecutor there after befriending the mayor. He became involved in sports after serving as chairman of the Bowling Green alumni association and organizing a BGSU game at the Cleveland Arena
. Shortly thereafter he purchased the Arena and its prime tenant, the original Cleveland Barons hockey team. Recognizing that the Arena needed another tenant, he succeeded in obtaining an NBA expansion team.
His partnership that purchased the Indians included Howard Metzenbaum
and Ted Bonda
.
In late 1972, Mileti formed Ohio Communications with veteran radio executive Jim Embrescia, which acquired WKYC AM/1100 and FM/105.7 from NBC, renaming them "3WE" WWWE-AM and "M105" WWWM-FM. Mileti then moved the radio play-by-play rights for the Indians and Cavaliers, as well as pioneering sports talk host Pete Franklin
's Sportsline, to WWWE, turning the 50,000 watt clear channel signal into a sports radio powerhouse.
During 1973, when it appeared to the Indians' bank creditors that Mileti had spread himself too thin, Mileti named Bonda as the team's executive vice president. Mileti sold his interest to Bonda and other investors in 1975.
He also founded and was the principal owner of the short-lived CFL team, the Las Vegas Posse in 1994.
He became a writer in retirement; to date, he has published three books.
Cleveland Indians
The Cleveland Indians are a professional baseball team based in Cleveland, Ohio. They are in the Central Division of Major League Baseball's American League. Since , they have played in Progressive Field. The team's spring training facility is in Goodyear, Arizona...
, Cleveland Cavaliers
Cleveland Cavaliers
The Cleveland Cavaliers are a professional basketball team based in Cleveland, Ohio. They began playing in the National Basketball Association in 1970 as an expansion team...
, Cleveland Crusaders
Cleveland Crusaders
The Cleveland Crusaders were a professional ice hockey team from Cleveland, Ohio. The Crusaders were founded by Nick Mileti, and played in the World Hockey Association from 1972 to 1976...
hockey team, the Coliseum at Richfield
Coliseum at Richfield
The Coliseum at Richfield was an arena located in Richfield Township in Summit County, Ohio, roughly halfway between Cleveland and Akron...
and radio station "3WE" WWWE AM/1100 (now WTAM
WTAM
WTAM — branded Newsradio WTAM 1100 — is a commercial radio station licensed to Cleveland, Ohio, serving Greater Cleveland and much of surrounding Northeast Ohio. Owned by Clear Channel Communications, the station broadcasts primarily a news/talk format...
).
He headed a syndicate that founded the Cavaliers in 1970 as an expansion team
Expansion team
An expansion team is a brand new team in a sports league. The term is most commonly used in reference to the North American major professional sports leagues, but is applied to sports leagues worldwide that use a closed franchise system of league membership. The term comes from the expansion of the...
, paying a fee of $3.7 million, selling his twenty percent interest in the team in 1980 for $1.4 million. Another syndicate he headed purchased the Indians in 1972 for $10 million from Vernon Stouffer
Vernon Stouffer
Vernon B. Stouffer, owned a national chain of restaurants, motor inns, and food-service operations and the Cleveland Indians from 1966-72. He played a key part in developing frozen foods and microwavable foods. His company Stouffer's was valued at $21.5 million when it was merged with Litton...
.
He was a master of leverage, owning 51 percent of his enterprises with little of his own money at risk.
He used brains, hard work, contacts, and high energy to pull himself up from his working class origins. He put himself through Bowling Green State University
Bowling Green State University
Bowling Green State University, often referred to as Bowling Green or BGSU, is a public, coeducational research university located in Bowling Green, Ohio, United States. The institution was granted a charter in 1910 by the State of Ohio as part of the Lowry Bill, which also established Kent State...
(BGSU), where the Alumni Center is now named in his honor. He was a member of the Theta Chi fraternity at BGSU. Following his time at BGSU, he earned a law degree from Ohio State University
Ohio State University
The Ohio State University, commonly referred to as Ohio State, is a public research university located in Columbus, Ohio. It was originally founded in 1870 as a land-grant university and is currently the third largest university campus in the United States...
. After military service he opened a law practice in Lakewood, Ohio
Lakewood, Ohio
Lakewood is a city in Cuyahoga County, Ohio, United States. It is part of the Greater Cleveland Metropolitan Area, and borders the city of Cleveland. The population was 52,131 at the 2010 making it the third largest city in Cuyahoga County, behind Cleveland and Parma .Lakewood, one of Cleveland's...
and became prosecutor there after befriending the mayor. He became involved in sports after serving as chairman of the Bowling Green alumni association and organizing a BGSU game at the Cleveland Arena
Cleveland Arena
Cleveland Arena was an arena in Cleveland, Ohio. It was built and privately financed by local businessman Albert C. Sutphin during the height of the Great Depression in 1937 as a playing site for Sutphin's AHL team, the Cleveland Barons. Later it hosted Sutphin's BAA's Cleveland Rebels and Nick...
. Shortly thereafter he purchased the Arena and its prime tenant, the original Cleveland Barons hockey team. Recognizing that the Arena needed another tenant, he succeeded in obtaining an NBA expansion team.
His partnership that purchased the Indians included Howard Metzenbaum
Howard Metzenbaum
Howard Morton Metzenbaum was an American politician who served for almost 20 years as a Democratic member of the U.S. Senate from Ohio . He also served in the Ohio House of Representatives and Senate from 1943 to 1951.-Early life:Metzenbaum was born in Cleveland, to a poor Jewish family, the son...
and Ted Bonda
Ted Bonda
Alva T. "Ted" Bonda was the president of the Cleveland Indians from 1973 to 1978. He was a partner in Nick Mileti's ownership group who assumed control of the team in 1973, though Mileti wasn't completely bought out until 1975...
.
In late 1972, Mileti formed Ohio Communications with veteran radio executive Jim Embrescia, which acquired WKYC AM/1100 and FM/105.7 from NBC, renaming them "3WE" WWWE-AM and "M105" WWWM-FM. Mileti then moved the radio play-by-play rights for the Indians and Cavaliers, as well as pioneering sports talk host Pete Franklin
Pete Franklin
Pete Franklin , nicknamed "The King" and "Pigskin Pete", was an American sports talk radio host who worked in Cleveland, New York and San Francisco...
's Sportsline, to WWWE, turning the 50,000 watt clear channel signal into a sports radio powerhouse.
During 1973, when it appeared to the Indians' bank creditors that Mileti had spread himself too thin, Mileti named Bonda as the team's executive vice president. Mileti sold his interest to Bonda and other investors in 1975.
He also founded and was the principal owner of the short-lived CFL team, the Las Vegas Posse in 1994.
He became a writer in retirement; to date, he has published three books.
Publications
- Closet Italians: A Dazzling Collection of Illustrious Italians with Non-Italian Names (2004)
- Beyond Michaelangelo: The Deadly Rivalry between Borromini and Bernini (2005)
- The Unscrupulous: Scams, Cons, Fakes & Frauds that Poison the Fine Arts, (2009) Bordighera Press
External links
- Nick Mileti bio on Cleveland Seniors' website Retrieved on December 15, 2007