Coventry United Ladies Football Club will be placed in voluntary liquidation, directors have confirmed.
The club, founded in 2013, turned professional for the 2021-22 season and sit 11th of 12 teams in the Women's Championship.
In a statement, the club said it could not offer more detail "at this point".
Goalkeeper Olivia Clark tweeted: "To come into work and to find out that you no longer have the job that you've always dreamed of is heartbreaking."
Club captain Katie Wilkinson tweeted: "We had absolutely no indication that the club were in such financial difficulty and it just feels so cruel that at what should be one of the happiest times of the year, our livelihoods, our financial security and our club has been taken away from us just two days before Christmas.
"What's hard to swallow right now is that I know many of my team-mates have sacrificed amazing jobs, careers, homes, families and more to become a full-time professional footballer for Coventry United."
Defender Holly Chandler posted: "Sometimes life is filled with things outside your control! I'm heartbroken.
"Thank you for making my dream of being a professional footballer come true. I've made the best memories and friends."
Manchester City and England defender Alex Greenwood said she was "absolutely gutted" for Coventry's players, adding: "The sacrifices these girls make to become professional footballers to be told halfway through a season you no longer have a job, or a club, is simply not good enough!!!"
Stoke City Women, who currently play in the National League North, have shown their support for the club by inviting players and staff of Coventry United to train with them following the liquidation.
The Midlands club posted on Twitter that "during the tough times, we should all come together to support each other."