St. Thomas University is losing its varsity men's hockey team, the university has announced.

In a statement made Monday afternoon, the university said the decision was made to address a budget deficit.

"The costs of operating the men's hockey program are unsustainable in light of our other financial priorities, especially in academic and student areas — it is simply beyond our means," said Dawn Russell, St. Thomas University president and vice-chancellor, in the release.

"We have an operating budget deficit and are closely examining costs across our operations."

Among the reasons given for the cancellation are the high price tag of running the team and that revenues from the team are not enough to offset the costs to the university.

The university expects to save $245,000 annually with the cut.

Members of the hockey team were informed in a private meeting before the announcement, and the university said that by making the decision known Monday, it would allow current and prospective student athletes to make decisions for the coming season.

Dylan Goodine says he went to 'every other' STU men's hockey game this past season. (CBC) Reaction was swift and strong on campus, as students heard the news Monday afternoon.

"The men's team showed signs for improvement after a lot of really bad years, and it's really disappointing that this year, all of a sudden they're saying, 'We're running a deficit so it's done, it's the easiest thing for us to cut,'" said Kaley Etheridge, a recent graduate.

"Hockey's a very important aspect of our Tommie nation," said Dylan Goodine, a first-year student. "I don't get to watch the games anymore, so that kind of sucks. It's kinda fun, it's a good study break, go watch a game with the boys."

Others, less disappointed, acknowledged the reality of financial needs on campus.

"I think students will definitely think that it can be seen as a good thing," said Gillian Cunningham, a second-year student. "I think there are definitely things on campus that definitely require more money and [it] should be invested into other things for sure."

Gillian Cunningham thinks STU students will support the cut if the savings go to other needs on campus. (CBC) Russell also sent out a separate release directly to students, where she explained that it was now "beyond the means" of the university to fund the team up to the level needed to play in the league.

"We also cannot overlook the fact that men's hockey in the Atlantic University Sport is the most competitive conference in the country, a near professional level of competition, and requires a significant financial commitment," wrote Russell.