Notts County Ladies have folded just two days before the start of the Women's Super League Spring Series season.
Due to face Arsenal Ladies away on Sunday, the Lady Pies players were told that the WSL1 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 July 3 to pay debts owed to HM Revenue and Customs.
A statement from Notts owner Alan 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.
"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."
England internationals Laura Bassett, Carly Telford, Jo Potter and Jade Moore played for Notts Ladies.
