Gretna FC's move towards administration has been described as a "sad end to the dream" by the town's MSP.
Politicians have called on Gretna fans to rally round the club
Elaine Murray said it was a "shame for everybody involved" after the club confirmed its decision on Monday.
She said the team had attracted supporters from around the world with its rise from the third division.
The town's MP, David Mundell, called for everyone who had followed the team to the Scottish Cup final in 2006 to rally round the club now.
The SPL side confirmed the formal move to administration on Monday after owner Brooks Mileson ceased funding the club due to illness.
It will mean an immediate 10-point penalty and almost certain relegation from the SPL, while the players face the possibility of redundancy.
Ms Murray said it was a real turnaround after the great achievements of the team in recent years.
"It is just a very sad day for all the people involved," she said.
"It is a sad end to the dream that they had."
She said she believed the club may have "overstretched" itself in a number of ways.
Mr Mundell said he hoped Gretna could find some stability in the weeks ahead.
"The priority now is getting to the end of the season and stabilising the situation," he said.
"What I hope is that everyone who enjoyed the highs of the roller coaster ride with Gretna will stand by them in these difficult times.
"Other clubs have been on the brink of going out of business and have recovered."
A spokesman for the town's community council said it was "not good news for the club or for Gretna".
Vice-chairman, Craig Peacock, said the decision would affect a number of people in the area not just the football players.
"There were local people involved in the set up in different aspects - from collecting money on the gates to the boot people," he said.
"There was a lot of the community over there at the club.
"I don't know how administration is going to affect them."