Notts County Ladies have folded just two days before their first match of the WSL Spring Series.
Due to face Arsenal Ladies away on Sunday, the Lady Pies were told the club cannot stay afloat 15 minutes before Friday's announcement.
In March, a winding-up petition against the club was adjourned for a second time, giving Notts until 3 July to pay debts owed to HM Revenue and Customs.
However, Alan Hardy said he "reluctantly admitted defeat" in his bid to save the Women's Super League 1 outfit.
A statement on the Notts website said: "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.
"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.
"I was also concerned that we had no real pathway for young players in Nottingham to graduate through the ranks into a WSL team.
"The existing structure is such that we have a strong elite-level team, but no academy pathway of progression through age-group teams.
"I met many times with the FA with a view to being granted Regional Talent Centre status but realistically it would have taken more than two years to become accredited.
"It's a very sad day for me personally and supporters should rest assured I have left no stone unturned in my quest to save the club.
"However, having taken all factors into consideration, the only possible outcome is to discontinue our Ladies club.
"I would like to place on record my sincere thanks to the staff and players and we all wish them every success in finding new clubs."
Players and fans were quick to voice their sadness at the news.
Been find out we have no more club...thanks @Official_NCFC left jobless and homeless
— Danielle buet (@Danibuet4) 21 April 2017
CANNOT BELIEVE WHAT I HAVE JUST WITNESSED!!! NOTTS COUNTY LADIES NO LONGER EXISTS!!! ????????????
— Carly Telford (@carlytelford1) 21 April 2017
Really devastating news today that Notts County Ladies is no more, it's not just football right now either, its people's livelihoods
— Louise Quinn (@louise_quinn4) 21 April 2017
I have given everything for this club since joining from Lincoln Ladies I am so gutted it has come to this. Heartbreaking
— Amy Turner (@amy_turner4) 21 April 2017
Sad news. What support does top level clubs get financially? BBC Sport - Notts County Ladies: WSL 1 club fold https://t.co/07EChf0awW
— Hedvig Lindahl (@hedvig_lindahl) 21 April 2017
@PoN_UNCFS Pissed off. People have lost their jobs. The Notts community must rally behind the players - hope they're able to find new clubs ASAP.
— Joseph (@Thegoodart) 21 April 2017
You'll never find a more passionate and loyal following than us fans. Notts county ladies will forever be my team ????????
— jayde (@jjjayde_) 21 April 2017
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