AUGUSTA, Ga (WRDW/WAGT) -- Augusta's brand new basketball team is done.

Augusta Professional Sports, LLC announces today in a news release that the Augusta 706ers will not continue their 2018-2019 season because of a "lack of ticket sales, corporate sponsorship funding, and low merchandise sales."

Not only is the season over, but so is the franchise.

The news release continues by saying "in order to keep the franchise alive, the ownership group went into considerable personal debt...but were unable to see a return on these investments."

Now, Augusta Professional Sports, LLC says they owe the players and staff $18,892.95, but they say they cannot pay that until they get part of their deposit back from the James Brown Arena.

Augusta Professional Sports, LLC says they put a $50,000 deposit on the James Brown Arena to use it as their home court. They have requested they get back $38,494.43 of that deposit, based on their contract with the Coliseum Authority.