What is really happening is that the president quit to go back to running his own Calgary companies because the family that owns the Vipers has bigger issues like the father fighting a life threatening illness in a nursing home. The president ran the team very well, but he's tired of working 100 hour weeks without any input (and now money) from the family. With the father very ill, I don't blame the family with their priority right now.
We'll have to see in the offseason if the family wants to continue owning the club and if they are willing to put it on the market and if there are any takers for the team. Compared to other NABL teams, the Vipers were run super this year and were not a 'real mess'. John Conrad actually wanted to buy a share of the team, but a deal wasn't worked out.
If you have insider information, just state that you do. Otherwise what you wrote was exactly what the Calgary papers reported.