Limerick FC manager Tommy Barrett says Limerick's demise will be "bad for the region", after yesterday's news that examinership proceedings had failed.
The club have debts in the region of €490,000, and are without a licence for the 2020 season.
"It's very disappointing," Barrett told RTÉ Sport.
"It's bad for the region, really, so hopefully something can be done and we can get a team in for next year.
"Junior soccer was always strong in Limerick, and the underage system is producing players all the time. There's lots of players playing now in the League of Ireland with other clubs.
"We've had a few lads go away to England as well.
"There's a strong base here; we just need to get the infrastructure in Limerick, in the region, and in the whole country, really."
As things stand, next season's SSE Airtricity League First Divison will have nine clubs, meaning each club will face weeks where they don't have a fixture.
This could present financial repricussions for those sides that remain, who are believed to be opposed to a move that would see a Shamrock Rovers 'B' team included to even up the numbers.
But Barrett remains hopeful that a resolution can be found for the club from the Treaty City.
"There's always hope," he continues," (and) you need a strong Limerick in the league, or you need a Limerick in the league anyway.
"Hopefully that can happen, and the FAI can leave someone come in and participate in the league.
"For a lot of fans it's their life, they go to matches every week. Every club needs them... who are they going to support now?
"It's difficult for everyone to face into this reality, but there is hope there.
"We can build now. There's room for another team in the league, so if we can get 10 teams in, I think that's important."