In May, 2006, founding team owner, Jeremy "J" Brice, of Salem, had gained ABA approval, opened a front office in downtown Portland, and announced its staff.

[2] Brice arranged with Warner Pacific College for arena facilities for a summer youth basketball camp to be sponsored by the team, and for the competitive season to have begun in November, 2006.

Warner Pacific, a Christian college affiliated with the conservative Church of God (Anderson), withdrew availability of their facilities.

[3] Brice sold the franchise to Christopher Sears less than a week later, telling a reporter for the Tribune, "I am no longer associated with the Riptide due to the negativity and black cloud over my name."

The league approved the transfer, and Joe Newman, ABA CEO, stated that the team would still play in the 2006 season.