Veracruz went out of play due to financial issues according to a report from Coliseum Global Sports Venue Alliance.
The Red Sharks of Veracruz dissolved on December 18, 2019. The team was failing to pay it's players. Needless to say, the Mexican Football Federation stepped in; the federation banned the team from Liga MX play and the team was dissolved.
As of May 23, 2022, the team claims to have paid all their players and debts. They also have placed a lawsuit on the league claiming wrongful disaffiliation. They hope to return to play by winning the lawsuit. Is there any other way they return or another Veracruz comes about? The later is probably the likelier case. Other clubs have returned to the system that way.
An additional piece on As reflects and projects Veracruz Soccer. There is an attempt underway to bring professional soccer back to the city and the stadium. It is known that any new team cannot use the Tiburones Rojos, or Red Sharks, name. That name and logo still belongs to former Sharks owner Kuri.
A new team would be able to play soccer, be in the Liga MX system, play in Veracruz and use the city owned former Sharks stadium. It is unknown if the name can contain Veracruz.
The local government is running the project to fix the stadium, remove branding and replace the team. It is said to be only about five percent done with the stadium renovations. The new team would have to have new players and would likely come with a female squad too.