The Washington Metros of the Women's Professional Basketball League will play no more games until new ownership is found, Nat Frazier, the team's president and coach, said yesterday.

"We're not going to play any games anywhere until new capital is found," Frazier said, adding that the fledgling team "may or may not" fold.

The Metros were scheduled to play the Iowa Cornets at the D.C. Armory last night, but the game was canceled after the Metros failed to pay their $2,500 nightly rental fee five days ago as required under their contract with the Armory. A Dec. 13 game, their last home date, also was "postponed."

Armory officials have been trying for days to get through to the league, which has taken temporary control of the team, and the Metros, but their calls have gone unreturned, they said.

"We have been nursing them along and waiving the five-day requirement in the past," said Bob Sigholtz, Armory Board general manager. "We've helped get them insurance and spent over 150 hours just helping them on other things and we can't even get through to them now."

One of the Metro players, who asked not to be identified, said that the team met with Frazier after a fairly well attended game at Baltimore's Civic Center two weeks ago and voted against playing in the Armory again. Frazier denied her account.

None od the Metros (3-7) has been paid yet and Frzier said he hopes there will be new owners before Christmas. "We would have had more than enough money to operate the team for three years if those jerks (unidentified original backers) hadn't pulled out," he said.