The squad and coaching staff were told the news after three days of negotiations failed to come up with a rescue deal.

And the Braehead-based outfit have been forced to cancel their next two Superleague matches.

They were due to play London Knights at Braehead Arena on Saturday night and then host leaders Sheffield Steelers next Wednesday.

Fellow Superleague side Manchester Storm recently found themselves in similar financial difficulty.

Fans of Storm have launched a fund-raising appeal to try to keep the team in the Ice Hockey Superleague until the end of the season.

Eagles managing director Bob Zeller said: "My company, which runs the Eagles, will cease trading.

Barr franchise

Canadian businessman Zeller has put the future of the beleaguered club in the hands of franchise owner Bill Barr.

Zeller admitted that plans to make ice hockey popular in Glasgow had failed.

He added: "I am hugely disappointed

"I have informed the Superleague about the situation and I have had discussions with Mr Barr's people about the future.

"It is now up to them."