Salford Red Devils have been wound up following their HMRC hearing, bringing an end to the club's 152-year history in its current form.
The company which owns the team, Salford City Reds (2013) Limited, was issued with a winding-up petition by HM Revenue and Customs in May.
They received four adjournments, with the court repeatedly granting them time to show proof of funds in order to pay off all of their creditors.
Alexander Bunzl, for Salford City Reds, told the hearing back in October that "more than adequate" funding was due to become available so the matter could be "settled promptly".
However, no funds have since materialised.
The club was officially wound up on Wednesday as Salford City Reds (2013) was ordered to be liquidated with debts believed to be around £4m in a hearing that lasted one minute.
The club was not represented in court. The decision means those debts will be written off and Curtiz Brown and Sire Kailahi, who had become the faces of the takeover, will no longer be owners of the club.
In a statement, Salford Red Devils said: "We regret to inform stakeholders, supporters and partners that Salford Red Devils and its operating company, Salford City Reds (2013) Limited, have been subject to a winding-up petition filed by HMRC, and liquidation proceedings have now commenced.
"We understand the gravity of this situation and the uncertainty this creates for everyone connected with the club. For the original club staff that remained up until this point, this is an incredibly emotional moment.
"While there is sadness in seeing things come to this point, there is also a sense of relief that an extremely challenging period for the club has finally come to an end.
"We want to express our heartfelt thanks to all the fans who have stood by us through everything. Your passion and loyalty have meant the world to us.
"More than anything, we hope that the club's proud name and history can live on and continue to represent the people of Salford."
Supporters and businesses are understood to be interested in immediately resurrecting the Red Devils as a 'phoenix club', and potentially fulfilling the old club's fixtures. Salford were supposed to start the Championship season on January 16 against Oldham.
Salford Red Devils had just one player remaining on their books in Jack Walker.
Fan supporter group, The 1873, released an official statement following the news saying: "Let us be honest with ourselves. This outcome has been coming. It is long overdue.
"It is what the club needs to survive.
"For months, we have watched uncertainty grow around unpaid debts, unclear leadership, and crumbling trust between ownership and supporters.
"The writing was on the wall, and today - it was finally read aloud in court.
"It is, without question, a dark day."
An RFL spokesperson told SportNews: "Following today's court decision, Salford Red Devils' membership of the RFL has been terminated with immediate effect.
"The RFL Board will meet tomorrow [Thursday], following which, detail on the process to new club ownership will be advised."
Salford were beset by financial problems explicitly for over 12 months, operating under strict salary cap restrictions after failing to pay players and staff on time, and seeing all their star players leave throughout a campaign in which they finished bottom of the Betfred Super League standings.
In October it was confirmed they had lost their place in next season's expanded top flight on the club gradings and were provisionally relegated to the Championship for the 2026 campaign, with head coach Paul Rowley subsequently leaving to join St Helens.
Their troubled season came after a consortium led by Swiss businessman Dario Berta completed a takeover in February this year.
This led to wages being paid by WeDo Finance after their accounts were frozen.
The Rugby Football League (RFL) said Salford's financial woes are "damaging and draining for the sport" but insisted that the "only alternative" to approving a takeover earlier this year was the "very probable and immediate demise of the club".
