Servette have withdrawn their appeal against a bankruptcy order, after potential investors pulled out of a rescue bid.
The announcement will ensure immediate relegation from the top flight to Switzerland’s third division for one of he country’s oldest clubs.
“Servette is definitely bankrupt”, the club announced on its website.
They had been eighth in the ten-club Swiss Super League, but their current problems stem from years of mismanagement.
The club was bought by French players’ agent Marc Roger last year but he has been powerless to prevent the slide into bankruptcy.
Instead, the club accumulated €7m oand most of the first team players had not been paid for months, and have already moved to other clubs in Europe.
Servette’s board hopes to restart as a new club, probably on a semi-professional basis.