Notts County Ladies have folded just two days before the start of the Women’s Super League Spring Series season.
The 2015 Women’s FA Cup finalists were due to play at the home of their Arsenal counterparts on Sunday, but have now been forced to officially withdraw from the competition.
Notts players, including England internationals Laura Bassett, Carly Telford, Jo Potter and Jade Moore, were told that the club can no longer afford to stay afloat on Friday morning.
A winding up petition was submitted against the club by Her Majesty’s Revenue and Customs was adjourned in March.
Alan Hardy, a local businessman, had attempted to save the club with two Premier League sides said be interested in taking over the business as a going concern but was forced to admit defeat.
A statement from Hardy on the club's official website read: “I am devastated that we cannot continue the Ladies project but the numbers simply do not stack up. Continuing would have been little short of financial suicide.
"I wish to be totally transparent with supporters about the sums of money involved here. When I took over the club, HMRC and other creditors had in excess of £350,000 of unpaid liabilities.
Been find out we have no more club...thanks @Official_NCFC left jobless and homeless— Danielle buet (@Danibuet4) April 21, 2017
"Additionally, I was extremely concerned that to operate Notts County Ladies for the current season was going to cost us approximately £500,000 - a figure principally made up of player and coaching salaries. Our total projected incoming revenue from attendances and sponsorship was £28,000.
"I have been tremendously impressed by the passion and enthusiasm shown by everyone connected with the Ladies set-up - manager, players and backroom team. They have represented Notts County with dignity, success and the utmost professionalism over the past three seasons. But the fact remains we simply cannot fund such a huge operating loss."
Players were left shocked and saddened by the news with midfielder Danielle Buet tweeting: "Been find out we have no more club...thanks @Official_NCFC left jobless and homeless."
An FA spokesperson said: “The FA is aware of the situation and is liaising with all involved parties.
“Our priority is the welfare of the players and we will work closely with them, the PFA and wider stakeholders to support them through this time.”