Marcelo Claure, the Bolivian billionaire that was the capital behind Miami’s MLS expansion bid conceded defeat today and announced an end to his bid for an MLS team.

”I am very sorry to tell you that we will not have a team in Miami,” Claure told the Miami Herald. “Too many things had to happen, and the economic situation just isn’t right. MLS is holding tight to its franchise fee [$40 million], and there’s just too much uncertainty right now from a financial standpoint, so both Barca and myself decided it wasn’t a wise decision. It didn’t make economic sense.”