A Canberra-based bid is leading the charge to be the new Cavalry owners, edging out an interstate and overseas consortium, with a decision potentially made as early as Thursday.
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There are three bids currently in the running to take over the Canberra Australian Baseball League side, including the current owners.
The Canberra Times revealed on Monday the Cavalry went into administration after having their coffers hit by first the bushfires and then the coronavirus pandemic over the past two summers.
It's forced them to try and cut their losses to ensure the ABL foundation club remained in the competition for the upcoming 2021-22 season.
They have two years left to run on their licence with the ABL.
It's believed there are three bids currently vying to own the Cavalry - the current owners, a Perth/USA consortium and another Canberra-based bid.
While a deal was yet to be finalised, the latter's believed to be the leading contender after narrowly missing out on the Cavalry license when the ABL first privatised the teams three years ago.
The ABL was looking to reduce it's investment in the competition following Major League Baseball's decision to step away as a major owner.
That leading bid had links to Fyshwick-based company MIT Services, who are the naming rights sponsors of the Cavalry's home ground, Narrabundah Ballpark - also known as "The Fort".
Another option would be a restructure of the current ownership, but they could need new investors to come on board to be successful.
A consortium led by director Dan Amodio and former chief executive Donn McMichael has held the current ABL license since 2018, when the league outsourced the running of the teams.
Outgoing ABL chief executive Cam Vale first visited Canberra to hold talks with the current owners about the future of the club a month ago with an ownership restructure high on the agenda.
It's hoped everything could be finalised before his final day on Friday, with new chief executive Glenn Williams set to begin following the Anzac Day long weekend.
Vale also came to Canberra to hold talks with the players, coaches and owners ahead of last season.
The players were concerned about fielding a competitive team and it led to McMichael stepping down from his role as chief executive just days before the start of the season - although he remained on as a co-owner.
But that ownership has struggled financially over the past two seasons.
Firstly the smoke from the bushfires in the 2019-20 summer turned the Canberra air toxic and forced the cancellation of crucial home games - with the Cavalry relying heavily on crowds for revenue.
The COVID-19 virus then hit their sponsorship revenue.
Entering into administration was part of a bid to cut the club's losses over those two tough seasons.
The Cavalry also run Australian Ice Hockey League team Canberra Brave, whose season begins on May 8 after the 2020 season was cancelled due to the coronavirus.