"I am incredibly proud of what the Halifax Rainmen have accomplished over the past eight years, bringing world-class basketball to a city that we've been proud to call home," Andre Levingston, owner and president of the Halifax Rainmen, said in a statement released Monday.
"While it's disappointing to see this chapter end, I can hold my head high knowing that we did everything we could have done. I love this game and I love this city."
The team filed for bankruptcy on Monday morning. Robert Hunt of Grant Thornton is now acting as trustee of the franchise.
In late April, the Halifax Rainmen forfeited the National Basketball League's championship game against the Windsor Express following an incident between the two teams.
Members of the two teams fought inside the stadium where the teams were supposed to play the final game in a best-of-seven series. Between 15 and 20 men were involved in the fight, which had ended by the time police arrived at the scene.
As a result, a $20,000 fine was imposed on the Halifax Rainmen organization, plus a $10,000 fine for head coach Josep Claros and $9,000 in fines for assistant coach Pedro Monteiro for "conduct detrimental to the league."
As well, 11 players were fined $5,000 each for conduct detrimental to the league.
Following the incident, both coaches and players said Levingston had tried to force game seven despite safety concerns.
In the statement, the commissioner of the National Basketball League of Canada said he is confident there will be a team playing in Halifax for the 2015-16 season.
"As a founding member of the NBL Canada, the Halifax Rainmen and Andre Levingston have worked tirelessly to help build our wonderful league," David Magley wrote.
The Halifax Rainmen have been part of the NBLC since 2011.