The Arena Football League announced on Wednesday that it has ceased operations and filed for Chapter 7 bankruptcy.

"We're all disappointed that we couldn't find a way forward and we wanted to thank our fans, our players, coaches, everyone who loved the Arena Football League," commissioner Randall Boe said in a statement.

"We all love the game and tried very hard to make it successful, but we simply weren't able to raise the capital necessary to grow the league, resolve the substantial legacy liabilities and make it financially viable."

Several NFLers formerly starred in the arena league, including Pro Football Hall of Famer Kurt Warner, former Washington Redskins head coach Jay Gruden, and current Chicago Bears head coach Matt Nagy.

Some big-name musical celebrities count themselves as former team owners, including Jon Bon Jovi and Gene Simmons and Paul Stanley of KISS.

During the 2019 season, the league had just six teams with the Albany Empire capturing the ArenaBowl championship at ArenaBowl XXXII this past August.