At the conclusion of the 1998 season, the team was purchased from Art Cox by a group of local businessmen headed by Tom Maxwell. The group has since turned the club into a non-profit society. The 1998–99 season had the team finish in last place in the North Division with a 13–44–3–2 record. In 1999, the entire team was rebuilt with mostly younger players and finished with a 7–52–3–2 record, the worst Junior A record in the 1999–2000 Canadian Junior Hockey League season.