Titan, one of the most notable names in the competitive gaming world, is bidding farewell.

The Singapore-based organization announced on Wednesday that it is closing its doors this year because it is no longer able to continue paying their players or staff.

Damien Grust, founder and chief executive of Titan, posted a farewell message on the company’s website that Titan is “starting 2016 without a budget high enough to keep a CS:GO [Counter-Strike: Global Offensive] team or pay our amazing staff. How profoundly sad.”

The executive, however, left no doubt as to what the company’s core problem was.