Former Cavaliers Owner Ted Stepien Passes Away
Mon, Sep 10, 2007 By GFO
Former Cleveland Cavaliers owner Ted Stepien, whose propensity for trading away draft picks resulted in an NBA rule change, died Monday at his home in Willoughby Hills, Ohio. He was 82.
Stepien paid $2 million for 37 per cent of the Cavaliers in April 1980 and soon became the majority shareholder. The Cavaliers went 66-180, dropped to the bottom of the league in attendance and lost $15 million during Stepien’s three years of ownership.
He went through six coaches during that span, including four during the 1981-82 season – Don Delaney, Bob Kloppenburg, Chuck Daly and Bill Musselman. The team finished 15-67.
Because of his habit of trading draft picks for mediocre players, the league passed the “Stepien Rule,” which restricts teams from dealing future first-round selections in consecutive years.
Stepien sold the team to George and Gordon Gund for $20 million in 1983. NBA owners awarded the Cavaliers bonus first-round picks for each year from 1983-86 to help compensate for the ones Stepien traded away.
“I don’t feel I failed,” Stepien later said. “I rescued a bankrupt organization.”
After selling the Cavaliers, Stepien owned several minor league basketball teams, including the Toronto Tornadoes and the Mississippi Coast (Biloxi) Jets.
“The Cavaliers organization extends our sympathies to the Stepien family as they deal with the passing of Ted,” the team said in a statement.
Ted Stepien was a great man, a gentleman, a friend, a boss. I met him through the CBA as a game GM of another CBA team. I spent time with him visiting at his home in Euclid, we dined, we went to church together, I met his daughters with him for Sunday brunch, we sat courtside at the Tornados games in Pensacola (UWF my alma matter), he sent me his family Christmas cards every year., we visited Softball World etc., etc. Best of all though – Ted was a dear friend. Just sitting with him at his home talking and listening to him are amongst my most fond memories. He had so much wisdon, such good advice. And as a young college graduate attempting to pave my career – attemping to combine my passion with my financial needs – Ted was always the gentleman, the friend, spending time with me – giving me advice. After having tonight read his obituary for the first time – I only wish I had asked him more about his life – his experiences. Oh how I enjoyed our conversations – oh how I wished I entertained more – about him – about his life. Ted and I shared a mutually respect, a dear friendship. Our conversations and experiences together will remain between he and I – forever in my heart. He loved his girls (daughters) too. What a man to experience the loss of his life (wife), raise his (7?) girls – get sober and sponsor others – self made millionaire – so progressive for his age too. Nothing boring about Ted! This man was a gentleman – this man was cool. I Love you Ted – I miss you Ted. I thank you for being my dear friend Ted.