The owner of Yellowknife's Diamond Cabs is stepping down and handing the reins over to his employees.

Ted Yaceyko has given all 16 of his drivers until the end of February, then he'll stop covering what it costs to run the company — things like dispatchers' wages and city-required permits. 

Yaceyko says the business has become too expensive to run, but he hopes that with new management, Diamond Cabs will stay on the road.

"The company's going to go forward, hopefully it will go forward a little bit quicker and better than it did under my management."

A few of the remaining Diamond Cab drivers are stepping up as the new managers. They'll use the same equipment, cars and the dispatchers who choose to stay. 

Dispatcher Sylvia Lefavre says she won't be staying on. She says she believed in the company when she started years ago but she's not sure the remaining drivers will be able to manage it.

"Well, how can they if they can't make it now when the bills are paid? Ted's been paying out of his own pocket for quite a while because he loves this company."

The drivers that plan to carry on with the company are looking at partnering with other local businesses for funding.