Canadian Elite Basketball League completed the acquisition of Edmonton Stingers from Canadian Basketball Ventures.

Canadian Elite Basketball League, a men's professional minor league basketball organization, completed the acquisition of Edmonton Stingers, a Canadian professional basketball team, from Canadian Basketball Ventures, a private investment group. Financial terms were not disclosed. “On behalf of the CEBL Board of Governors, I am very excited to announce the purchase of the two-time CEBL Champion Edmonton Stingers by Stingers Entertainment Group. Reed is a life-long Edmontonian while Tank and James are Edmonton transplants who bring proven business acumen, local industry experience and share the passion for the tremendous community-based work that Reed and his Stingers staff have already accomplished in the greater Edmonton market. This purchase by local owners continues to strengthen the CEBL's position as a mainstay in Canadian professional sport," Mike Morreale, CEBL Commissioner and Co-Founder.