The Thrashers moved to Wallaceburg from Sarnia for the 2015 season. Last year the team played to a 0-18 record.
The team released a statement through its website thanking the fans and sponsors for their support over the last two seasons, but due to unsuccessfully fielding a new executive the Thrashers would have to fold. A search had been in place since November.
The league will hold a dispersal draft at a later date.