A historic Jersey City Catholic school known for its 60-year legacy may soon have to close its doors for good.

Saint Anthony High School administrators say they need to raise between $10-20 million to stay operational or they will be forced to close in June.

The school, known for its legendary basketball team, cites declining enrollment and increasing costs for its financial woes. Students were told about the situation Thursday.

"Since freshman year, I always heard the school might be closing down, and every year I pray that the school doesn't close down," says student Abanoub Bekhit.

The school will be raising funds and will also accept help form the community to meet its goal.

"Our mission is to serve students and those families who still want their child to be enrolled here in Saint Anthony because there's no other options for them," says Chad Broussand, who heads the school. "To keep these doors open we need communities of Jersey City, Hudson County...and alumni to support us."

The School's Board of Trustees will be meeting with students and their parents next week to discuss the situation.