Wooden spooner Bendigo will fold at the end of the season and will not renew its licence in the VFL.

The Gold has made the decision that its model cannot be sustained in the current VFL climate given the rising costs to produce a competitive standalone team.

After splitting with Essendon at the end of 2012, Bendigo has not won a senior match.

The club last year made a desperate plea to the township and sponsors to remain faithful to the team in a fund-raising effort.

Bendigo chairman Tim Dickson said despite the efforts, financial forecasts showed it would struggle to remain viable.