Continental Basketball League commissioner Dennis Truax announces that Paul
Smith has taken over as owner of the Birmingham franchise.
The new team
will be known as the Birmingham Sabres and will play their home games at
The Sabres will play the Steel's original schedule and will inherit the
Steel's 1-1 record.
The Birmingham Steel severed ties with the CBL on Monday when it was
announced the team joined the World Basketball Association Exposure League.
"We are disappointed with the recent turn of events in Birmingham.
Despite this setback, we will be moving forward with Paul Smith taking over
ownership of the Birmingham franchise. We have received commitments from the
former Steel players to remain with Mr. Smith and his new team. We applaud
Mr. Smith for taking over on such short notice and working diligently to
secure his players and financing for the team," Truax said.