Boston United have failed in their appeal to the Football Association against demotion from the Blue Square North to the Unibond Premier Division.
The Football Conference's decision was upheld after they relegated Boston for breaching insolvency rules.
The club ended their Company Voluntary Arrangement (CVA) on Thursday, 20 May.
"I am just disappointed we couldn't sort it for the fans," dejected Pilgrims chairman David Newton told BBC Radio Lincolnshire.
"I don't think all clubs have been treated equally.
"I can take anything as long as everybody is being treated on the same basis and I don't think that is the case."
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