Federal Football & Netball Club has gone into recess.
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Members voted for the decision at a special general meeting on Friday night.
Federal released a statement confirming they had withdrawn their football and netball teams from the Upper Murray League for 2023.
"Dwindling player numbers and volunteer shortages have led to this decision," it said.
"This has been a very trying and emotional time for the current executive and committee.
"However, this is not the end.
"At tonight's meeting the Federal Football Netball Club formed a small committee staying on to administer the club and run some social gatherings to keep us connected and to keep our options open.
"Watch this space for future events.
"We realise this will be very hard news for our loyal Feds supporters to take.
"The current executive and committee have explored many options and this decision has not been easy.
"Rest assured, we will continue to keep our foot in the door and hope to be part of something in the future."
Federal's demise comes nearly three years after Border-Walwa went into recess.
The Upper Murray League is now down to four clubs - Bullioh, Corryong, Cudgewa and Tumbarumba.
Federal managed to field sides in 2022 after a number of players put their hand up at the 11th hour, allowing the Swans to field the senior football side they needed to meet the league's constitutional criteria.
They won two games and finished fourth, above rivals Corryong, before losing heavily to Bullioh in the first round of finals.
Federal won their last premiership in 2016.
More to follow.