The Laredo Bucks will not operate during the 2012-13 season, and the players will be declared unrestricted free agents, the Central Hockey League said today.
The team's owners will maintain their license agreement in the league, the CHL said in a statement.
"It is a sad day for fans of the CHL and specifically Bucks fans," Commissioner Duane Lewis said in the statement.
"We made every effort to avoid this outcome, but in our current position we thought this was the proper decision," minority owner Glenn Hart said in the statement.
Laredo has played 10 seasons in the CHL, winning the Presidents' Cup in 2004 and 2006 and compiling an overall record of 368-213-59.