Last-ditch attempts to save Truro City Football Club (TCFC) have failed according to the legal team handling the administration of the club.
Truro City had until 6pm this evening to come up with a £50,000 bond to enable them to stay in the Football Conference.
The 123-year-old club that won the FA Vase now faces liquidation.
But James Moore, the solicitor advising Walsh Taylor, the club's administrators, said the Football Conference had refused a rescue package.
Administrators were brought in to save the club after former chairman Kevin Heaney was declared bankrupt.
Mr Moore said the administrators had proposed a bond of £10,000 from Cornwall Council that would see the club through the weekend with a potential buyer guaranteeing payment of the players' wages.
But the package was turned down according to Mr Moore, meaning TCFC would be thrown out of the Football Conference and no game would take place on Saturday.
Mr Moore said: "There has not been any bond posted. We proposed a bond of £10,000 to get us through the weekend that would be guaranteed by Cornwall Council but the Football Conference would not acccept it.
"It looks like Saturday is going to be cancelled and the club is going into liquidation unless something changes rapidly."
The Football Conference office was closed.