The Cairns Taipans basketball team has been placed into voluntary administration and will not take part in the Australian NBL next year.
It is unclear whether the Taipans will play out the remainder of the current season.
The team's major sponsor Pacific Toyota has been hard hit by the global financial crisis and says the downturn in the car industry means it can no longer afford to underwrite the club.
Its owners voted unanimously to place the Taipans into voluntary administration.