In August 1999, the CBA's teams were purchased by an investment group led by former NBA star Isiah Thomas. The group bought all of the individually owned franchises of the CBA, in a $10 million acquisition. Over the course of the next 18 months, Thomas was faced with a plethora of business troubles, losing the league’s partnership with the NBA and ultimately abandoning the league into a blind trust that left teams unable to meet payroll or pay bills. The combined-ownership plan was unsuccessful and by 2001, the CBA had declared bankruptcy and ceased operations (folded on February 8, 2001 without managing to complete the 2000–01 season).