The Saint John Mill Rats have a new ownership group and fans will have a chance to take part in choosing a new name for the team.
The ownership group is made up of local residents and is headed by Scott VanWart, Mike Cormier and Paul Vaughan.
Vaughan says "there's nothing but up side" to keeping provincial basketball here in Saint John when you consider how much of an impact is has on the community.
He says financial issues led to the league taking the team and putting it up on the market.
Vaughan says with the new company and all the legalities associated with the transition, it means the team name will change with fans submitting their ideas on what the new team name should be.
He says they have a new head coach in mind and they'll be making an announcement very soon.
More information will be provided on social media within the next couple of weeks.