The Pros almost did not survive that season. In December 1970, Blake simply walked away from the team, claiming to have lost $200,000. The league desperately tried to find a new owner, but there were no takers. Finally in February, a community group, "Memphis Area Sports Inc.", bought the team for $700,000. It was composed of 4,600 Tennessee residents who bought the team's stock at $5, $10, and $50 a share and elected a 24-person board to run the team. Memphis bond broker Albert S. Hart was installed as team president.