Larry Repar formed Paragon Sports Properties with his childhood friends David Gregory and Blair McArthur with the intention to own an AHL franchise. They managed to lease the displaced Carolina Monarchs franchise through the Carolina Hurricanes and relocated it to New Haven, CT, and became known as the Beast of New Haven. It was planned that the control of the franchise would return to the original owners Bill Black and Don Brady after two seasons and an expansion franchise would be granted to the New Haven owners. After two seasons the franchise returned to Greensboro, NC, but no franchise was granted to Paragon Sports Properties as the owners were unable to secure an NHL affiliate.