Liquidation for Cardiff Devils, Sheffield Steelers firm
The company which owns leading ice hockey teams Cardiff Devils and Sheffield Steelers is to go into voluntary liquidation.
Sixteen staff of Cardiff-based Rink Corp Limited are being made redundant after the business was declared "no longer financially viable".
Business licences to trade as "Cardiff Devils" and "Sheffield Steelers" have been issued to two separate companies.
Insolvency practitioner John Cullen says matches will go ahead next season.
He added that season tickets would be honoured.
A meeting of members and creditors will be held on 7 July.
"Despite their best efforts to find a viable way forward the directors of Rink Corp Ltd have been left with no choice but to wind the company up under Section 98 of the Insolvency Act 1986 (creditors voluntary liquidation)," said a statement.
"Rink Corp Ltd runs two ice hockey teams: the Sheffield Steelers and the Cardiff Devils, who were winners and runners up respectively in the Elite League last season."
It said "regrettably" 16 staff at Rink Corp Ltd were being made redundant, with consultation starting on Thursday.
"Whilst every effort has been made to avoid the situation, the company is no longer financially viable," added the statement.
Consultation with affected employees began on Thursday June 23rd. The company has, however, granted two business licences to trade which will enable matches to continue next season and ensure season tickets are honoured.