Unibond League side King's Lynn wound up by High Court
King's Lynn have gone out of business after they were wound up in the High Court in London on Wednesday.
The Unibond Premier Division side, who were formed in 1879, had mounting debts and a near-£70,000 tax bill.
A potential investor allegedly pulled out of a deal to save the club late last week, leaving chairman Ken Bobbins not enough time to find an alternative.
The Linnets were sixth and their last game was a 2-1 defeat by Retford United in the league cup on 24 November.
Player-manager Carl Heggs revealed last week that all the club's staff bar himself and local-based goalkeepers Danny Gay and Ally McAnally had left for other clubs.
Earlier this week, Bobbins confirmed that an anonymous individual had been in talks regarding a takeover, but the Football Association's ownership regulations got in the way.
KING'S LYNN - A HISTORY
1879 - King's Lynn are formed
1948 - Club turn professional
1960 - Linnets are wound up and reformed
2008 - Win the Southern League; Promoted to Blue Square North
2009 - Demoted to Unibond League for problems with The Walks stadium
2009 - Wound up and go out of business
He told BBC Radio Norfolk: "He came forward with a proposal which we thought was OK, would have saved the club, but he wanted to take the club over as a sole trader.
"Now he is already an extremely successful businessman in another area of sport, with rules equally as complex as the FA's, if not more so.
"Unfortunately when we approached the FA they wouldn't allow him to do it with King's Lynn Football Club."
King's Lynn's trouble stemmed from when they were moved into Blue Square North after winning the Southern League in 2008 - forcing them to change their squad.
The Unibond League have not announced whether all of King's Lynn's results will be expunged. They were due to face Vauxhall Motors in the FA Trophy on Saturday.
Please try and remember some of the many good times over the past few years. Again we are truly sorry that this situation has occurred
A statement on the Linnets website announcing their demise read: "It is with our deep regret that the club has had to end in this fashion. We have done all we possibly could to find a solution to the problems but unfortunately time was against us.
"The 'cast iron' investor that pulled out just three working days before the court hearing left us no time to redress the situation. In a time of recession it is very difficult task to tempt people or businesses to 'invest' in a football club.
"The only feasible offer on the table unfortunately did not comply with the FA and their decision is final.
"Thanks to the generosity of a local couple we had raised sufficient funds to pay the tax (three of us had already paid £40,000 towards the original long-standing tax debt) but it would be pointless to pay the tax if provision was not in place to take the club forward.
"It should be noted that all major decisions both fiscal and otherwise concerning the club were made, agreed and sanctioned by all the board at any given time and not by any individual person.
"Please try and remember some of the many good times over the past few years. Again we are truly sorry that this situation has occurred.
"We would also like to thank the many people who have assisted and supported us during our time at the club and especially those who have remained supportive over the last difficult months."
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