The Tigers were unable to recapture their championship form throughout the rest of the 1990s and the early 2000s. In 2002, the franchise entered into private ownership after the organisation had racked up a $2 million debt. Poor management has led losses to mount rapidly in the so-called professional phase of the Melbourne Basketball Association's ownership of the franchise. A new ownership consortium under Melbourne businessman Seamus McPeake and the Gazes saw financial stability restored to the organisation for the 2002–03 season.