Toronto have failed in their bid to be re-admitted to the Super League after clubs voted against allowing the Wolfpack back into the competition in 2021.
The Canadian club withdrew from their inaugural season in the top flight in July, citing financial problems caused by the coronavirus pandemic, but expressed the hope that they would return next year.
However, a meeting of the Super League board on Monday rejected their submission by eight votes against four with one abstention.
"The club shares the obvious disappointment of our players, staff, sponsor and partners, as well as incredible fans, at today's decision," Toronto Wolfpack said in a statement.
"The Wolfpack will now take some time to consider our position and consult further with the current ownership group, led by David Argyle."
Super League executive Chairman Robert Elstone said: "The Board accepts that the decision to reject Toronto Wolfpack's application will divide the game's fans - but on the evidence presented to us, it would not be right for the development of the competition for Super League to accommodate a team in Canada in 2021.
"Every opportunity has been given to Toronto Wolfpack to provide the assurances our clubs need.
"However, our review of the club's recent submission identified a number of areas of concern, particularly regarding the aggressive revenue targets on which the financial forecasts are based.
"As part of our comprehensive investigation into this whole subject , Super League appointed an independent committee of sports industry experts, with representation from The RFL, to examine commercial opportunities for rugby league in Canada.
"Its findings were unanimous - that operating a team in a fiercely competitive North American sports market was non-strategic and added no material incremental revenue to Super League in the short or medium term."
The Super League Board will meet on Tuesday to review the structure for 2021, specifically into whether competition is comprised of 11 or 12 teams.
Leeds were one of three clubs to support the Wolfpack case, along with the Rugby Football League, whose single vote was cancelled out by that of Super League's executive chairman Robert Elstone, a known sceptic of the Canadian club.
Toronto businessman Carlo LiVolsi, the club's prospective new owner who had made a pledge to pay five months of unpaid wages to the players, made an online presentation to the club representatives.
Super League must now decide whether to run with 11 clubs in 2021 or find a 12th member.
Toronto were formed in 2016 by Canadian entrepreneur Eric Perez and, after starting out in League One, won promotion twice in three years to claim their place in Super League.
They played in front of crowds of 9,000 in their Championship season but hopes of capitalising on the signing of Sonny Bill Williams for 2020 were scuppered by an inability to play any games in Toronto.