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What happens to the franchise or “spot” in the league if a team captain does not want it any more?

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What happens to the franchise or “spot” in the league if a team captain does not want it any more?

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Most leagues set a date and require team captains to notify the officers of their intention to return the following season. If a captain does not wish to retain the franchise, or does not plan to return, the franchise reverts to the control of the board. The board may offer the franchise to another team member or someone requestin to enter a team in the league.

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