Titans address their current status
The Torrington Titans stay in the city, barring a near-miracle at this point, will last only one year as the team failed to secure enough season-ticket holders to finance a second season.
Here is the press release the team issued regarding the situation. We'll have more on this Monday on The Litchfield County Sports Show and also continue to monitor the details here on LitchfieldCountySports.com
Despite a successful 2010 inaugural season highlighted by generating $20,000 for local charities, a membership of 527, leading the ACBL in attendance, and winning the Kaiser Division, the Titans will not be able to currently move forward with a second season due to a lack of membership support.
A three-month renewal process that began in October and concluded Jan. 7 resulted in 185 members, of which a significant number are new, falling far short of our move forward goal of 350. Given estimated expenses of $70,000 for 2011 and a retention rate of less than 25 percent we are facing a considerable deficit.
A vote distributed to 2011 members late Monday night will determine the ultimate fate of the franchise. This vote will conclude Wednesday. Some members have reached out in the last few days and suggested cutting half the non-profit nights. This was voted on at the conclusion of last season. Based on last year's philanthropic effort, we would still be facing a significant shortfall.
Per the model, members are still encouraged to brainstorm over these next few days, but the vote will be a choice whether to fold or sell to a member or individual from the Torrington/Litchfield Country community who wants to keep the Titans in Torrington. This will be decided by the 2011 members.
We will begin issuing refunds later this week. If you paid online, a refund will be issued to your credit card. Check payers will receive theirs by mail.
What will be difficult is shutting down a business and a model that we have invested so much in for the past two years. Most difficult is saying goodbye to the many members, supporters, and other great people we have met along the way.
Thank you for your support,
The OBH Team