Chester need a miracle to avoid relegation from League Two despite a battling draw at Aldershot.
They will need to win their final game, hope Grimsby lose and overturn a 20-goal deficit to beat the drop.
Chester took the lead at the Recreation Ground when top scorer Ryan Lowe scored a penalty on the rebound only for Kirk Hudson's spectacular lob to level it.
Hudson smashed in a vicious volley to put the Shots ahead before young Lloyd Ellams equalised late on.
That was 18-year-old Ellams' first goal for the club on his first start after two previous appearances as a sub.
But it was scant consolation on a day of great gloom for the financially troubled, up-for-sale club.
Once the formality of relegation is completed at the Deva Stadium next Saturday after the home game against Darlington, it will be City's second relegation to Conference football in nine years.
Chester boss Mark Wright told BBC Radio Merseyside: "It is a sad day for the club, but it's not down to today, it's been our results all season.
"It has been a long hard struggle for us but, with players on £45 per week, we just cannot compete at this level.
"We have already been preparing for next season and, if the chairman still wants me around, I will put a team together to compete for promotion."
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