A tentative deal has been reached for a new basketball franchise for the capital city.

St. John’s Sports & Entertainment is announcing a tentative deal with 2001 Investments Limited to bring a new American Basketball Association team to St. John’s for the 2021-2022 season.

SJSE was unable to come to terms with the St. John’s Edge on a new lease arrangement for Mile One – meaning the Edge will not be returning.

Lease negotiations are underway and the parties are working to finalize the terms as soon as possible.

Further details will be released in the coming weeks.

Councillor Jamie Korab meanwhile will meet with media this afternoon at 2:00 to respond to the latest development. VOCM News will be there.