Truro City Football Club has gone into administration, it has been announced.
The club has been in disarray in recent months with repeated court appearances, unpaid wages and uncertainty over who is in charge.
The boss of the Football Conference told the West Briton he was "extremely saddened" by the news.
City's former maverick chairman Kevin Heaney stood down from his position last Friday and was made bankrupt on the same day.
Chris Webb, who took over as chairman, issued the following statement today.
He said: "Due to the club's continuing financial difficulties, it has been reluctantly decided that we have been left with no option but to place the club in administration, and I confirm that this process is to begin immediately.
"After their training session and meeting last night, the first team players informed us that unless the club took this course of action they would not turn out for the Boreham match tomorrow, in view of the non-payment of their wages for August and the continuing uncertainty over the club's future funding."
The West Briton revealed two weeks ago that wages at the club were being paid by CGA Holdings, a company owned by Salisbury City chairman, William Harrison-Allan. Last week it emerged that the Football Conference was investigating a potential conflict of interest arising from those payments.
Mr Webb said: "Our clear understanding at present is that arrangements which were agreed earlier for funding to cover the players' wages through to at least September 15 no longer hold good. Obviously, this is an extremely difficult time for the club, but I can assure everyone concerned - players, supporters and staff - that I and my colleagues are working tirelessly to ensure that every possible effort is being made towards securing the survival and long-term success of the club."
Leading TCFC player Andy Watkins said on the social networking site, Twitter: "Not great news for Truro. Into administration but it's the only way the club can go forward."
Dennis Strudwick, manager of the Football Conference - the league in which TCFC plays - said the club would have ten points deducted once it had formally gone into administration.
Mr Strudwick said: "I'm extremely saddened because we have got a number of initiatives which we hope will help clubs monitor their finances and help them understand that expenditure is governed by income not the other way round."
Mr Strudwick said he believed Truro's financial problems had developed before they were promoted to the Blue Square Bet Southern Conference for the 2010-11 season.
He said: "I would like to think our initiatives helped the club enormously but they hit a wall somewhere along the line."
The club also faces its next hearing at the High Court in London on Monday in its ongoing battle with Her Majesty's Revenue and Customs over allegedly unpaid taxes.