The National Basketball League is on the hunt for a new commissioner.

The new seven-team league, set to open its inaugural season later this month, had been scheduled to announce its commissioner Monday.

The league, however, issued a statement earlier in the day saying the hiring had fallen through.

"Unforeseen circumstances within the agreement arose at the eleventh hour that would have put the league in an uncompromising financial position," league president and CEO Andre Levingston said in the statement.

The NBL was formed when three existing teams — the Halifax Rainmen, Saint John Mill Rats and Quebec Kebs — left the Premier Basketball League.

Four NBL franchises have since been formed — the London Lightning, Oshawa Power, Moncton Miracles, and Summerside Storm.

Each team will play a 36-game schedule that begins on Oct. 29, with the top four advancing to playoffs in March.