Word: mileti
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Dates: during 1974-1974
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Borrow and Buy. Such sports-struck businessmen, and other Clevelanders like them, did not get together by accident. They were mobilized by Nick James Mileti, 42, son of Sicilian immigrants, who has traded his attorney's narrow lapels for the velour suits and mink coat of a promoter. He makes a business of turning rich fans -and ordinary folk as well -into investors. Since he made sport a career six years ago, the former suburban prosecutor, Jaycee BOUTELLE president and housing consultant has created an athletic empire worth $40 million...
...process of taking over three major-league profes sional teams, an arena and a radio station to broadcast games, Nick Mileti has put up only $1.2 million himself, and most of that has been borrowed from banks...
...Mileti's use of investor syndicates to buy teams sets him apart from most owners in big-time sport. Even at a time of explosive growth in professional athletics, most front offices have remained a stamping ground for rich in dividuals or families. Mileti is a wheeler-dealer who must borrow before...
...stumbled on his new career one night in 1967 when he filled the Cleveland Arena for a benefit basketball game between his alma mater Bowling Green and Niagara University. "I figured if I could get 1 1,000 fans one night, night." I Soon could get Mileti 8,000 made every a $1.9 million deal to buy the arena and the minor-league hockey team that played there...