The Cedar Rapids Titans have a new owner. The indoor football team was sold to California businessman Roy Choi. Choi is a managing partner of Knighted Ventures which invests in and manages entertainment and gambling ventures. The Titans franchise had been on the market for months. Terms of the deal weren't revealed, but some say the asking price for the team was as low as $50,000.

The news is good for fans of the Titans. Choi says that the team will remain in Cedar Rapids. The Titans just completed their seventh season in Des Moines last Saturday night. The franchise is 50-57 overall. The Titans enjoyed four playoff seasons in a row from 2013 to 2016, but then attendance plummeted at the U.S. Cellular Center as they won just 4 out of their next 30 games.

There had been rumors that the team was going to be moved out of Cedar Rapids. Outgoing general manager Chris Kokalis told the Cedar Rapids Gazette that a rumor that the team was on the move to Tucson, Arizona was "1 million percent false", and was started by an internet blogger. He stated that the new ownership group is already planning for the 2019 season here in Cedar Rapids.

[via Gazette]