Due to financial losses and ownership struggles, the team was frequently a target of relocation rumors. In later years, reports saw the team courted by suitors intending to relocate to Kansas City; Quebec City; Hamilton, Ontario, or Winnipeg. On January 22, 2011, the team's ownership group claimed it had lost US$130 million in the last six years, partially as a result of an ongoing lawsuit with former partner Steve Belkin. In February 2011, majority owner Michael Gearon stated that the team would be seeking new investors. Various local groups announced their intent to purchase the franchise and keep it in Atlanta, but ultimately the team was sold to the Canadian group True North Sports & Entertainment.