The decision is the latest blow to the 132-year-old Arnhem club, which was relegated from the top Dutch football league last month after more than three decades.
"The independent licensing committee of the KNVB has revoked the license of football club Vitesse as of July 9th," the Royal Dutch Football Federation said in a statement.
"The lack of a bank account, the lack of an auditor and the fact that no balanced budget could be provided, make it impossible to continue Vitesse's license for the 2024-2025 season," the KNVB said.
The KNVB's decision however did not come as a surprise as Vitesse had been struggling financially for months, Dutch media reports said.
"Time and again, the first division club was granted a postponement, but now there is a verdict from Zeist," the Algemeen Dagblad newspaper said, referring to the KNVB's headquarters.
Vitesse's crisis management team however said they were currently negotiating a deal with Dutch businessman Guus Franke, whom with his Swiss-based private equity company Axiom, was the most likely candidate to become the club's new owner.
The club is at least 14.3 million euros (£12 million) in debt resulting from a failed takeover bid by a US-based investor, the daily tabloid De Telegraaf reported.
Its latest "intended takeover still has to withstand the various firewalls with external directors that were built in at the instigation of the KNVB's licensing committee," the paper said.
"And ultimately, the licensing committee will also have to give its approval," it said.
