After winning the President's Cup for the fourth time in team history just two weeks ago, the Bossier-Shreveport Mudbugs are shutting down the franchise.

Owner Tommy Scott tells KSLA News 12 Sports over the phone "everybody worked really hard, but we just ran out of time."

The Mudbugs were in a season ticket drive hoping to secure 1750 season ticket sales before the CHL Friday deadline to inform the league if the team would be playing next season.  The deadline was 9:00 am and after Thursday evening, the Mudbugs had only sold 1300 season tickets.

The team will possibly hold a press conference formally announcing the decision to shut down on Friday.