The Cavaliers opened their inaugural season losing their first 15 games and struggled in their early years, placing no better than sixth in the Eastern Conference during their first five seasons. The team won their first Central Division title in 1976, which also marked the first winning season and playoff appearance in franchise history, where they advanced to the Eastern Conference Finals. The franchise was purchased by Ted Stepien in 1980. Stepien's tenure as owner was marked by six coaching changes, questionable trades and draft decisions, and poor attendance, leading to $15 million in financial losses. The Cavs went 66–180 in that time and endured a 24-game losing streak spanning the 1981–82 and 1982–83 seasons.