The Empire State Sports Foundation has filed paperwork with the Monroe County Clerk's Office, stating its intention to disband.
The winter games in the Lake Placid area are unaffected.
The Empire State Sports Foundation had hoped to bring back the games this summer, but the foundation owes multiple creditors a total of roughly $158,000.
The foundation was created after state funding dried up. It was trying to privatize the games.
The Empire State Games were expected to be held this summer in Rochester.
The foundation is expected to return to court to argue its case for dissolution.