Moncton Miracles announce new local ownership group

Seven local investors have taken over ownership of the Moncton Miracles of the National Basketball League Canada.

The new owners group will include former city solicitor Steve Truman, who is the team's president, and businessmen Jon Manship of Moncton and Ricky Archibald of Salisbury. The other four members of the group want to remain silent partners.

"It's exciting, to have not only investors but actual owners that want to be locally engaged,"said NBL Commissioner DavidMagley on Information Morning Moncton on Thursday.

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"These guys love their town, they really love this place. And so do I," said Magley, who was in the city to introduce the new owners.

The team began looking for 10 local people to become part of a new ownership group earlier this year, after the leaguehad to take overtheteam twoyears ago.

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Information Morning - Moncton8:59Moncton Miracles' new owners

David Magley is Commissioner of the National Basketball League of Canada.

For much of the last year,Magleyhas lived about three weeks per month inMonctonas the team tried to find new owners. He spends the rest of the time in Indiana.

He said it's been great getting to know the local fans and the people who love the the city ofMoncton.

Truman'sinvolvement helped

Trumanwas named team president halfway through the current season, andMagleysaid that brought a lot of credibility to the search for new owners.

"It made it an easier sell," he said.

"When you get these types of investorsand these type of people involvedthey're not used to not making money,"Magleyadded.

"They're going to figure out a way to make money with this franchise. It's not by raising ticket [prices], it's by getting more bums in seats and getting more sponsorship."

Magleysaid while the new owners didn't step up to make baskets of money, they would like to see some return on investment over time. Magley saidone possible way to do that may involvenegotiating a new deal for a home court once the new downtown arena is built.

Anxiety about folding

With the potential of Cape Breton entering the league next year,Magleysaid there was some anxiety Monctoncould fold.

"Once you have the local ownership team in place and they start really hustling, I think all anxiety goes away of future investment," he said.

He said the owners also want to make sure their "emotional capital"the time they will put into running the teamwon't be wasted on a doomed venture.

When you get these types of investorsand these type of people involvedthey're not used to not making money- NBL Canada Commissioner David Magley

Halifax uses the same group ownership model with a group of 25 owners,saidMagley.

"I think they've done a nice job this year," he said of the Halifax group.

ButMagleynotes the Halifax team essentially started over this past season after the former HalifaxRainmenfiled for bankruptcy in July 2015.

He suggested the group now in place that wants to see theMonctonteam succeed should allow an even smoother transition because they won't be starting from scratch.

"That's made a big difference for us and now you can see with that energy ... it's going to be something that you're going to see, I think, in the years to come this could be the model franchise of the Maritimes, maybe the whole league,"Magleysaid.