The P.E.I. Rocket will be staying in Charlottetown next season.
A group of business people struck a tentative deal with team owner Serge Savard to keep the Quebec Major Junior Hockey League team in the city.
There were two other competing bids, one from Summerside and the other from Sorel, Que.
Rocket vice-president Trent Birt says the group worked around the clock to make the deal happen.
"We had one plan going into the day that changed at noon time. We were able to adapt and move forward and find another plan, and obviously that plan worked," he said.
Birt said the deal still needs to be ratified by the QMJHL. An official announcement is expected in the coming days.
Price tags for teams in the league have recently been around $3.5 million.
The Rocket is one of the few teams in the league not in the black.
Savard said he has been losing about $300,000 a year on the team.