"Despite our best efforts and a truly generous display of aloha from our sponsors, season ticket holders and the community at large, we ultimately ran out of time falling short of our goal ...," said Chris Dey, executive director and general manager of the Hawaiian Islanders.

All teams needed to submit a letter of participation for 2005 by Oct. 15.

In August, the Islanders set a goal of reducing projected operating losses from $1.3 million to between $250,000 to $350,000.

To reach this goal, the team was able to reduce projected operating expenses by nearly $500,000. But the team needed to secure $525,000 in new revenue from corporate sponsorship, season ticket sales and additional financial consideration.