Current
After months of poor attendance and mounting debt in their inaugural season, the Matadors franchise was folded in 1999. During the sale of the team, a lawsuit was filed by Robert Alterman accusing the team's general partners (Robert Snyder and Robert Davis) of fraud. Alterman, a limited partner who has a 20% ownership share of the team, accused both Snyder and Davis of selling the team for well below the value that was represented to Alterman. Davis and Snyder had listed the team as being for sale for $1.2million. Alterman argues in his lawsuit that Davis and Snyder informed him that no team could be sold for less than $2million
The team was eventually sold to a Birmingham, Alabama ownership group. Upon the folding of the IHL, the ownership relocated the Matadors' franchise and bought the rights to the Cincinnati Cyclones name that had been used since 1992. On July 16, 2001, it was confirmed that the "new" Cyclones franchise would start play as an ECHL team during the 2001-2002 season.
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