CANTON, Ohio -- The Cleveland Cavaliers will own and operate an NBA Development League franchise in Canton.

The team announced Thursday that it has acquired ownership of the former New Mexico Thunderbirds. The Cavaliers will become the fifth NBA team to run its own D-League team, joining the Lakers, Golden State, Oklahoma City and San Antonio. As owners, the Cavaliers will have exclusive control over all basketball and business elements for the franchise.

The team is asking fans to submit possible nicknames for the team, which will play next season at the Memorial Civic Center.

The Cavs previously had an agreement with the Erie Bayhawks, who recently signed with the New York Knicks. Cleveland shared its D-League team with Toronto.