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The Manchester Phoenix is saddened to announce negotiations with a potential investor have failed, and the club will need to withdraw from competition immediately.
The Phoenix has also confirmed the club is unable to complete the remainder of the season due to a significant budget shortfall.
The league will be officially informed of the decision tonight.
Phoenix would like to pass on their gratitude to the Phoenix Supporters Club for their amazing efforts in keeping the club alive. In addition, the Phoenix has received a significant amount of support from fans and officials at other clubs in recent weeks, particularly Swindon, Bracknell and Sheffield.
The organisation is extremely proud of its core group of British players, sponsors, off-ice officials and volunteers, who have stuck with the club through difficult times.
The club has faced an extremely difficult trading situation this season, as a result of a lack of sponsorship, playing out of Blackpool and the inability to secure a permanent home in Manchester.
Manchester Phoenix will honour its commitment to paying the outstanding wages owed to players.
Neil Morris commented: “I am extremely saddened for the whole of the Phoenix community but this decision has become inevitable.
“I’d like our fans to remember the great things the club has achieved, and the impact we’ve made on British Ice Hockey.”