Charlottetown basketball season ending early

The Eastern Canadian Basketball League is ending its inaugural season early.

In a statement, league CEO and owner Ravi Verma said it was a difficult decision, but necessary so the league can restructure and return next season.

"We have examined several different scenarios in an effort to save the season for our players and our fans," Verma said in the statement. 

"We expect the championship tournament will be the start of our bright future. We believe professional basketball can work in the Maritimes, where we can help the game grow with work at the community level." 

Verma said costs were higher than anticipated and revenues were lower. That left the league with financial challenges. 

The league includes the Bathurst Bears, Charlottetown Power, Moncton Motion, Saint John Union, Truro Tide and the Valley Vipers.

The regular season will now end May 21.

A championship shootout tournament will be held from May 26 to the 28th.

Current season ticket holders and sponsors will be offered reduced rates for next season, and two championship shootout ticket packages.

Verma said other municipalities have expressed interest in joining the next season.