Kettering Town Football Club says its former home ground has been acquired by a developer for a “future housing project”, ending hopes of a return.
The Poppies played at Rockingham Road from 1897 until 2011, when they moved to Nene Park in Irthlingborough.
A statement from the Southern League Premier club said the agreed valuation “greatly exceeds” a viable price.
Kettering had twice tried and failed to get their old home listed as an “asset of community value”.
The club said: “Attempting to match or beat the unrealistic price tag put on Rockingham Road would have done nothing to secure the club’s future.”
The North Northamptonshire side played at Nene Park, the former home of Rushden and Diamonds – which was demolished earlier this year – for just over 12 months before financial issues forced them to move elsewhere.
After a short ground share with nearby Corby Town, they moved to Latimer Park in Burton Latimer, which they have shared with Burton Park Wanderers since.