Waterloo Canadian Basketball League team sidelined for inaugural season

The Canadian Basketball League could have only three teams for its inaugural season after Waterloo's CBL franchise announced it would not have a team ready in time for the opening game in early December.

"We already pulled a lot of rabbits out of a lot of hats to get to where we were, but there was a lot of work yet to be done," said John Thompson, who was named CEO of the Waterloo franchise in October.

• Canadian Basketball League picks John Thompson as CEO in Kitchener-Waterloo
• Waterloo to host inaugural Canadian Basketball League team

Thompson decided to sideline the team late last week when it became clear that he did not have the time or resources to meet the Dec. 18 deadline.

I'm disappointed, other people are disappointed, but most people look at it as a very prudent, sound business decision.- John Thompson, KW Professional Basketball

He said management had been working hard to attract local sponsors and sell seasons tickets, but those efforts had yet to pay off in a big way.

"If someone dumped a pile of money, sure we could probably solve that problem," he said, "but that wouldn't change the situation that, as of today, we're three weeks from opening our schedule."

Thompson said his decision is supported by local stakeholders and CBL founder Butch Carter.

"I'm disappointed, other people are disappointed, but most people look at it as a very prudent, sound business decision."

He said the team will be ready for the 2016-17 season and that peoplewho purchased tickets for this season havealready been fully reimbursed.