Despite this embarrassment, the Sharks were second in the league in attendance. However, the team was so poorly managed that they soon ran dangerously low on cash. Monaco tried to sell the team to New York financier William Pease. However, after it emerged that Pease was under indictment regarding a Connecticut land deal, the WFL took over the franchise on September 22. The players, unpaid for over a month, threatened not to fly to Anaheim to play the Southern California Sun. League Commissioner Gary Davidson paid them $65,000 in escrow and the players made the trip. A week later, after vetoing several prospective owners, the league folded the team.
The WFL returned to Jacksonville the following season with the Jacksonville Express, which had different ownership and front office personnel than the failed Sharks. The Express had a 6-5 record when the league folded during the 1975 season.