Complex sentence: According to Grandelius, the owners "panicked" when they realized how dire the situation was, and simply walked away, making the Wheels essentially a club team in a professional league.
Split into simpler sentences: According to Grandelius, the owners "panicked" when they realized how dire the situation was, and essentially walked away from the team. The result was a team that, for all intents and purposes, was a club team in a professional league.