The Wakayama Trians finished runnerup last year in the NBL, but they were able to enjoy that success for only a short time.
The club announced Wednesday that it will not complete the remainder of the current season due to severe financial woes and submitted a notice of withdrawal to the league.
"We have an unfortunate announcement today," the team's management company said in a statement posted on the team's official website. "We, the Wakayama Trians, have made efforts to respond to the enthusiastic support of everybody. But we have run out of ways to improve our situation and we can no longer run the team, so we have stopped our team activities as of Jan. 7."