Basically there was this guy Ox who insulted the management of the new company that had bought the Gainesville Sun. They had presented their vision for the future of the board to all the members, and wanted to make some much needed updates and enhancements. However, Ox didn't like the new plans and told them they had "the brains of a hamster", among other things. Management then got offended and realized that they weren't going to be able to operate the board in a productive manner with a tyrant like Ox wielding so much influence. They gave a few warnings, but ultimately decided it was best to just shut it down.
A lot of people wanted Lord Sid from Washington D.C. to return and administrate the board through his trusted Roundtable - maybe it could have been saved under his leadership. It could have been like "Return of the King." However, Sid had been appointed to President Obama's cabinet and just had too much on his plate, what with the healthcare law, the Russians, etc. There was also a hipster in Brooklyn named Slevin that probably could have been capable of administrating the board, but I think he was just too busy, as well. I think he worked at Urban Outfitters during the day and then did some barista work at Starbucks at night, so he was crunched on time.
It's unfortunate the way it went down, but you can't really blame that company's management for not wanting to work with Ox. He was being totally unfair about the changes and wanted to make the board his personal playground.