American League approves the sale of the Cleveland Indians by Vernon Stouffer

On March 22, 1972 — The American League approves the sale of the Cleveland Indians by Vernon Stouffer. A group headed up by businessman Nick Mileti purchases the team for an estimated $9.7 million. Mileti also owns the Cleveland Cavaliers of the National Basketball Association and the Cleveland Crusaders of the World Hockey Association. Stouffer turned down an earlier offer from local business tycoon George Steinbrenner to buy the team, but when the AL owners reject his proposal to have the Indians play some of their games in the New Orleans Superdome, Stouffer decides to sell the team.

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