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HANNIBAL, MO. -- Updated June 14th, 2011 5:45pm

Painting a rather grim financial picture of the Hannibal Cavemen's financial fortunes under its previous management group, new team co-owner Rick DeStefane felt compelled to step in and help preserve the franchise.

DeStefane, the founder and CEO of Reliant Care Management and now a Hannibal resident, wanted to provide a family themed nightlife option for his neighbors.

"The Cavemen team is important, however, the over reaching importance is the community and if we can survive the current trying times, I believe that the overwhelming benefits that will be realized by the goal of our our community," DeStefane stated, "will be the goal of our community."

DeStefanie was approved by the prospect league to take over ownership of the Cavemen, along with team founder Bob Hemond, and former major league baseball players Woody Williams and Ryan Klesko.

The Hannibal Cavemen have new owners.

Hannibal Cavemen Baseball L.L.C. took over the team last week and the Prospect league approved the sale Wednesday.

New majority owner Rick DeStefane tells KHQA the prior owners defaulted on its lease.  Last May, F&M Bank foreclosed on the assets of the Hannibal Cavemen.

Thursday morning a receivership hearing in regards to the Hannibal Cavemen was cancelled.  Former Co-owner, Larry Owens wanted the financial dealings of the Hannibal Sports & Entertainment overseen by a third party.  As of Thursday morning, Owens was unaware of any new ownership.

DeStefane says he will spearhead the operation but says he has no plans to change Cavemen management at this time.

The new owner says baseball will go on in Hannibal.  DeStefane says, "I want to make the cavenmen the best in the league.  I want to make the best facility for fans to enjoy baseball."