Juicy Campus, the controversial Web site which allows students to post anonymous gossip online, will shut down tomorrow due to a lack of funds, said Matt Ivester, founder and CEO of JuicyCampus.com.

“Unfortunately, even with great traffic and strong user loyalty, a business can’t survive and grow without a steady stream of revenue to support it,” wrote Ivester in a press release. “In these historically difficult economic times, online ad revenue has plummeted and venture capital funding has dissolved. JuicyCampus’ exponential growth outpaced our ability to muster the resources needed to survive this economic downturn, and as a result, we are closing down the site as of Feb. 5, 2009.”

The Web site sparked controversy in the fall, when debate about whether or not the posts on the Web site were considered libelous and should be censored.

“I’d like to thank everyone who has engaged in meaningful discussion about online privacy and internet censorship,” Ivester wrote in the press release. “JuicyCampus has raised issues that have passionate advocates on both sides, and I hope that dialogue will continue.”

Ivester added,

“While there are parts of JuicyCampus that none of us will miss – the mean-spirited posts and personal attacks – it has also been a place for the fun, lighthearted gossip of college life.  I hope that is how it is remembered.”