"We wanted to thank our sponsors and we hope this will be the start of something that will be ongoing," Mr Pearce said.
The Manawatu Jets plan to refocus on delivering community basketball programmes designed to provide pathways as they will not be entering a team in the 2016 National Basketball League.
The decision made in conjunction with key stakeholders including Sport Manawatu, Manawatu Rugby Union representatives, Palmerston North City Council and Arena Manawatu, will allow the Manawatu Jets to establish a business model which provides for financial sustainability, and importantly reduces the reliance on declining sources of community trust funding.
The brand will be focusing on community involvement and building on the work they are doing with coaching in primary schools, as well as working with Palmerston North Basketball Association to encourage youth to excel in basketball.