The decision comes after the A grade footy side won just one of its 32 games since returning from recess in 2016, with the A grade netball side managing just one win and one draw in 2018.
The Golden Rivers Football Netball League will continue in 2019 with eight clubs, eliminating the need for a bye.
Golden Rivers FNL Board Chairman Greg Bear in the statement said the will was there to keep going, however the right choice was made.
“Wakool have been trying extremely hard to resurrect their club in a number of areas. I admire their tenacity and drive to maintain a community sporting club," Bear said.
"I hope they can continue to be involved in a community focused group, so that they can have fun and continue to look out for each other."
AFL Central Murray's Sheridan Harrop in today's release praised the club for their efforts, saying 'there is no doubt that Wakool’s committee and community had the passion to continue their sporting
club and should be commended for their efforts.'