Citing "significant losses" financially, Vancouver Ravens owner Paul Reinhart handed over control of the team to the National Lacrosse League on Thursday.

"The continuing operation of the Vancouver Ravens is at the direction of the National Lacrosse League right now," Reinhart said.

The issue, as it usually does in these cases, centers around great amounts of money -- the former NHL defenseman has been losing it hand over fist since taking control of the Ravens this summer.

Reinhart, while refusing to put an exact dollar amount on his losses, confirmed that they totalled in excess of $1 millon (Canadian).

Sources around the league estimate that Reinhart has actually lost closer to $2 million.

"I've been spending a lot of time and energy on this," Reinhart told the Vancouver Sun.

"I exhausted what I think is every avenue for me to make this thing successful ... and it came to the point where you make a decision whether financially you cut the strings or you continue to try and make it work.

"I arrived at the conclusion that I wasn't able to justify a continued investment and involvement."

The Ravens have shown few signs of financial trouble since entering the league in the spring of 2001. Attendance has averaged a healthy 8,901 fans this season, and it is believed that the club reduced the number of complimentary tickets it distributes for each game.

The only concern was the rotating cast of investors. Original financier David Stadnyk pulled out before the team's first season, forcing partner Tom Mayenknecht to talk Reinhart into bankrolling the team.

Additional investors were added later, but last summer, after the team lost about a half-million dollars in its debut season, Mayenknecht and Reinhart parted ways in a bitter dispute over the economic future of the team.

The NLL must now decide what to do with the Ravens. However, the league has given no indication on its plans. Options include running the team "business as usual," selling the team on Reinhart's behalf, or an immediate suspension of operations.