Wakefield will no longer play competitive rugby following their relegation to National League Two.
Wakefield, who have spent 14 consecutive years in National League One, will now exist in name only.
The club will continue to pay their Rugby Football Union subscriptions and members hope that one day Wakefield can be resurrected at a lower level.
However, club secretary Roger Parkinson insists their is no merger with neighbours Sandal.
"It is a sad day for Wakefield," he told BBC Sport.
"It is purely financial. We have had some very generous contributors but they have said no more.
"There is no playing staff here whatsoever. The players and coaches have all found other clubs.
"The hope is that the members can get together a side in the future playing in Yorkshire league six and carry the name on."
Meanwhile, the RFU have decided that National League Two will operate as a 13-team league for next season with only two sides being relegated next summer.