The Miami Lyric Opera is shuttering its doors.

Founder and long-time General and Artistic Director of MLO Raffaele Cardone has announced that he is closing the company after 22 years.

In a statement, Cardone said, “The principal reason is financing—not enough being available to make a decent production. Venue, labor, musicians and artist costs and others, have all increased.”

He added, “I have a great respect for the opera as originally conceived and accept updates as far as staging technology. Nevertheless, I cannot accept the new tendencies being pushed to the audience.”

The company’s final production was produced in November with Mascagni’s “Cavalleria Rusticana” and Puccini’s “Suor Angelica.” Throughout its history, the Miami Lyric Opera saw such singers as Nelson Martinez and tenor Mario Chang perform with the company. It presented 23 opera titles and more than 220 operatic performances.