Jersey Reds say they have now have 'no option' but go into liquidation after politicians voted against a publicly-funded bail out.
A short statement on the club's website says it is 'bitterly disappointed' in the States Assembly decision not to provide rescue funding.
States Members voted 30-13 against providing any more taxpayer funding to see the Championship winners through the 2023/24 season.
The club ceased trading last week after failing to secure investors, and despite receiving £370,000 from the government over the summer.
"We are bitterly disappointed at the decision in the States Assembly regarding government funding, but hardly surprised.
We are proud of what the Reds achieved over the years in consistently difficult circumstances. The opportunity to support a valuable asset has been let slip and the Island will be the lesser for it."
The statement goes on to thank Deputy Lyndon Farnham, who brought the proposal to the Assembly, and to thank Reds supporters.
"Given the decision and in the absence of a ‘White Knight’ we now have no option no but to move our trading vehicle into liquidation."
A liquidator will be appointed, and a notice to creditors who are owed money will be put in the Jersey Gazette.
Meanwhile, a relief fund set up to help Jersey Reds' players and staff following the club's closure will stop accepting donations tomorrow (6 October).
Director of Rugby Harvey Biljon and Welfare Officer Nicola Dando will then distribute the money to the 70 or so people who have lost their jobs.
Condor Ferries has joined airline Blue Islands in offering help to those needing assistance to get home to the UK.
Private local company Hawk stepped in to cover the September salaries of employees affected by the club's collapse.
Jersey Reds should have been playing Ealing Trailfinders in the Premiership Cup in St Peter this coming weekend.
We regret to inform you that the game away at Jersey this weekend has officially been cancelled due to circumstances out of our control.
— Ealing Trailfinders (@ealingtfrugby) October 3, 2023
Our thoughts are also with all those affected at Jersey Reds.
Read more below.#ETF 🟢⚪️
High levels of E.coli found at Jersey's Grève de Lecq
Patient rehabilitation moves to St Ewold's
Government updates its plan for improving the lives of children
Jersey and Guernsey invite ferry companies to bid to operate future services
Jersey Police appeal for missing man
LOOK INSIDE: Jersey Opera House works expected to finish on time and on budget
Park and Ride trial from St Brelade to town
La Motte Street assault victim transferred to Southampton Hospital
