Moncton Miracles basketball team building new ownership group
The president of Moncton's National Basketball League of Canada franchise says the Moncton Miracles have secured some new owners and he hopes to complete his dream team before season's end.
Steve Trueman says there is an ownership package in place and so far, four people have paid $50,000 each for a 10-per-cent share in the team.
Trueman says the team has meetings set up with interested parties over the next few weeks and he is confident he will find the remaining 60 per cent before season's end.
"I think it's reasonable to expect they will be filled by the end of the season. Worst-case scenario and they're not, the league is prepared to hold whatever un–purchased percentage remains," he said.
"But we're very hopeful and reasonably optimistic that we'll get there before the end of the season."
No stability
The Miracles have not had stable ownership since the team was founded in 2011 by Steven Conville.
New Jersey businessperson Kim Blanco took over in 2012 but lasted only two years. The league has been operating the team since.
There are other sports teams in the province that follow the multiple-owner model, including the rival Saint John Mill Rats and hockey's Acadie-Bathurst Titan of the Quebec Major Junior Hockey League.
Trueman says this type of ownership model might be a better fit for the region.
"Given the price tag and all that, it's the model that we'll see more often from this point forward," he said.
Don Mills, chairman of the Halifax Hurricanes of the National Basketball League of Canada, says potential owners need to be motivated by the right reasons.
"I would only go after people who are interested in building the community. If you think this is going to be something you can retire on, forget it," Mills said.
Trueman says he aims to have 1,500 spectators per game, which would make the team profitable. He would like to see the same interest as in 2013, when the team was one game away from reaching the finals.
"With the right product, we think we're on our way to getting that and I don't see any problems getting back there."
Trueman says the league has not given the Miracles a deadline to have ownership in place.
