Chief executive Bobby McEwan described the team's closure "as the hardest decision of my life".
The club finished seventh in the 10 team British Elite League when the season ended in April.
The closure means Hull will be without a professional ice hockey team for the first time in 27 years.
In a statement on the club's website, Mr McEwan said: "The loss of a major sponsor, increased operational costs, the introduction of ice-time charges as well as the shortage of fans attending our matches have left me with no other choice but to liquidate the club."
The team, which plays in the council run Hull Arena, has been owned by Mr McEwan since 2012.
Mr McEwan said he had "tried everything" to save the club.
"We've spoke to potentially other owners," he said.
"We've spoke with the league. The league has been great to us to be fair, they've tried to help us in a lot of ways.
"But it just came to the stage where there was nothing new that we could have done here in Hull."
Speaking on BBC Radio Humberside, Mr McEwan thanked the fans for their support but said the club was competing for support with the city's two rugby league teams and Hull City.
"They're playing in a city with four top class professional teams," he said.
"A lot of people have got choices and options to go and watch what they want to go and see and obviously we've just been getting lower and lower down the line."
Hull Stingrays ice hockey club has gone into liquidation following the loss of a major sponsor, according to the team's owner.