"Despite all our efforts, we have not been able to attract the necessary investors in a timely manner," Lokeren chairman Louis De Vries said in a statement.
He added that they would no longer contest a request to the Belgian commercial court to declare them bankrupt.
Lokeren, who reached the UEFA Cup quarter-finals in 1981, had their professional licence withdrawn earlier this month by the Belgian Football Association.
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However, they had hoped to launch an appeal once they found money to help pay off debts, which Belgian media estimated at 5 million euros ($5.43 million).
"To my great regret and sorrow, I must inform you that, despite all efforts up to and including yesterday, we have not been able to attract the necessary investors in time to meet the deadline to appeal for the club licence to ensure continuity,” added De Vries.
"After a thorough evaluation, we have had to decide that our lawyer will accept the decision to be brought before the commercial court today."
Belgian media said Lokeren's players were still owed wages and payments to suppliers were also outstanding.
The club won four of 28 second division games this season and were to play in the promotion-relegation playoff matches before the league was suspended, and then cancelled, because of the COVID-19 virus outbreak.
Lokeren, who won the Belgian Cup in 2012 and 2014 and knocked English club Hull City out of the Europa League six years ago, were due to celebrate their 50th anniversary in June.
($1 = 0.9208 euros) (Writing by Mark Gleeson in Cape Town; Editing By Ken Ferris)
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