The Cedar Rapids Titans have a new owner, and will remain in Cedar Rapids.

The team announced the sale Tuesday. California businessman Roy Choi has purchased the seven-year-old Indoor Football League franchise. Choi is the managing partner of Knighted Ventures, which invests in and manages entertainment and gambling projects.

The new owner has signed an affiliation agreement with the IFL for the 2019 season.

“The league is pleased to welcome Roy and his ownership group to the IFL family,” said IFL Commissioner Michael Allshouse. “We are excited to open the book to a new chapter in the great history of the Titans franchise.”

The team said the new owner will hire an office staff and announce organizational plans, including season ticket information, in the coming weeks.