The future of BC Donetsk is in doubt following a surprise announcement by club president Sergei Diadechko that he is releasing all of the team's players, coaches and administration.
Diadechko, bitterly disappointed by the team's failure to reach the Eurocup and then its poor showing in the EuroChallenge, put a statement on the club's website on Wednesday explaining his decision.
The president, who with Valeriy Plekhanov founded BC Donetsk, said the future of the club is now in the hands of Plekhanov although it is understood that Diadechko bankrolled the outfit.
Diadechko waited until his team's final EuroChallenge game, an overtime loss at CSU Asesoft Ploiesti on Tuesday night, to make his announcement.
He made the announcement from Germany, where he had checked into a hospital last week after feeling unwell following the team's 92-81 defeat at Enisey Krasnoyarsk - a result that eliminated the team from Last 16 contention.
Diadechko, who claimed that doctors told him to refrain from "emotional activities", said there was no way he could invest financially in the club and not have an emotional investment as well.
Donetsk were only promoted to the Superleague last season after winning the title in the lower division.
In their first campaign in the top flight, Donetsk finished runners-up to Azovmash.
In his announcement on Wednesday, Diadechko said the players were released effective January 14.
It was a turbulent season for Donetsk, who began the campaign under former Lithuania coach Ramunas Butautas.
The club took on Bilbao in the Eurocup Qualifying Round and won the first leg at home by eight points.
They travelled to Spain for the second leg and lost by 11, a result that left Donetsk in the EuroChallenge.
After struggling in the competition, Butautas was fired before the Christmas break and the club appointed former Croatia assistant coach Drazen Anzulovic as his replacement.
He is now looking for a job with all of the players.