"Unfortunately the fan base in Hull is not enough on its own to sustain the business and the current level of sponsorship is not enough for the owners to keep the business going.
"We hope the situation is temporary, and that more sponsorship may be found soon, so that they can be back in the league and at the Arena in the near future."
The Stingrays were unable to find a new major sponsor which left a shortfall in what they needed to compete in the Elite League, despite completing their roster for the new season.
Competitive ice hockey arrived in Hull in 1988 with the Humberside Seahawks and they built up a small yet loyal following over the years.
After going through several transition phases, the Packs bought the club in 2003 and the club were renamed the Hull Stingrays. They were formally elected in to the Elite League in 2006 but failed to make the play-offs in each of their first three seasons.
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