Miami WNBA team forced to fold

? The Miami Sol folded Wednesday after three seasons in the WNBA, citing the inability to raise enough revenue to meet the league’s new restructuring agreement.

The WNBA assumed control of the franchise, and would not say whether the team will be moved or dissolved.

The team’s ownership, the Heat Group, said the WNBA’s decision to place the responsibility of finding corporate sponsors and paying players’ salaries with the individual teams forced the closure.

Previously, the league paid the players and found most national corporate sponsors. The WNBA is owned collectively by NBA franchise owners.

“That model will work well for the league with cities that have good corporate bases,” said Eric Woolworth, Heat Group’s president of business operations. “The model, ultimately in Miami, is not going to work.”

Woolworth said the Sol would be unable to raise enough local sponsorship revenue because Miami does not have a corporate base as large as other WNBA cities.

He also cited a saturated sports market which features the Miami Dolphins, the Florida Marlins, the Florida Panthers and the Heat, which is also owned by Heat Group.

The WNBA will not make a decision on whether to relocate or dissolve the franchise until the end of the year at the earliest.