The saga of where the Lewiston Maineiacs will be next season has taken several twist and turns and this time it involves them potentially folding up shop prior to next weekend’s Quebec Major Junior Hockey League Draft in Victoriaville, QC.

According to several media reports including TVA, a French language television network in Quebec, the Maineiacs would be dissolved, paving the way for the QMJHL to make their way back to Sherbrooke, Quebec.

The report in Quebec indicated that a local group of investors led by former NHL goaltender Jocelyn Thibault could then begin the process that would eventually lead to being awarded an expansion franchise that would begin operation in 2012-’13.

QMJHL Commissioner Gilles Courteau refused to comment on that topic today when asked today prior to tonight’s Memorial Cup semifinal in Mississauga, Ontario, however, Sherbrooke City Council will take up the matter on Monday on whether to approve a new QMJHL franchise to begin play at the Sherbrooke Sports Palace.

The team tried to relocate once before to Boisbriand, Quebec after the 2008 season, but ultimately was rejected by the league, and again this past season there was intense speculation that Lewiston was heading for Summerside, PEI, leading to PEI Rocket’s Owner Serge Savard Jr. to declare he had enough votes to block the move on the basis that two teams couldn’t survive on an island with a population of less than 150,000.

The Maineiacs have lost money every year since arriving in Lewiston in 2003, ironically relocating from Sherbrooke. According to Minority Owner Wendell Young folding the franchise never seemed to be a real option for ownership because despite losing nearly four million dollars over the last eight years, the franchise still had value worth to be roughly 3-3.5 million dollars.

On top of that, Young and Majority Owner Mark Just have invested personally in the franchise to keep it afloat during that time.

“You want to recoup some of your money,” said Young. “With what we’ve spent to buy the franchise and spent out of pocket maybe we could recoup some cents on the dollars so we don’t walk away (empty handed). We’re in debt. We’ve taken on an enormous amount debt and we’d love to try to pay off some of the debt with (any potential) sale. The franchise is an asset, but we own an asset that’s worth less than what we’ve put into it. We’ve put a lot of personal stuff on the line to keep the team in Lewiston.”

The reports in Canada also indicate that dispersal draft would take place at some point during the summer.