After the 1998–99 lockout, the team suffered low attendance and a weak Canadian dollar was making the owner Orca Bay Sports and Entertainment lose money on the franchise. After they failed to sell the team to Bill Laurie, it was instead sold to Michael Heisley. At the time, Heisley said that he was going to keep the team in Vancouver, but he then immediately started looking for a suitable relocation city in the US. He would eventually move the team to Memphis, Tennessee for the 2001-02 season.