The RFU gave the Warriors a funding ultimatum, but they failed to meet it.
The club had to come up with a plan for the future by Monday.
The men's and women's teams will be removed from the top flight.
Bill Sweeney said the RFU had to protect everyone's best interests.
Sweeney said that the news was difficult for fans, staff and players and thanked them for their hard work.
Sweeney hopes that a buyer can be found as soon as possible, with the club possibly able to resume matches if the suspension is lifted.
While it is the responsibility of each business owner to manage their own finances, we will look at learnings from this situation to see what regulation can be put in place to provide more financial transparency.
Rugby clubs have been facing financial challenges for a long time, even before Covid.
Professional leagues are important for the health of the game. The structure, governance and business model of rugby union in England need to be improved.
Warriors are not the only club that is struggling financially, with another club in the same area, Wasps, planning to appoint administrators to protect their interests.
"Wasps and the entire rugby family stands as one with all the players, staff and supporters of Worcester Warriors," the club tweeted after Worcester's suspension was confirmed.
The club's failure to meet the RFU's deadline was not surprising, with staff told in a letter earlier on Monday to collect their belongings by 17:30, when the gates to Sixways Stadium would be locked.
With access to the stadium and its facilities no longer available, the players are now set to train on local pitches while their futures are sorted out.
Warriors played their first two home games of the season as many staff worked for free, with capacity at Sixways reduced to 4,999 due to safety regulations.
The club's women's side have won their first two matches in the competition, while Warriors won an emotional match on Saturday.
After being served with a winding-up petition by His Majesty's Revenue and Customs, the Warriors were banned.
As part of the government's sports survival package, the club was given a loan of around 15 million pounds. The club's debts are thought to be more than 25 million dollars.
The players were paid late and the staff only partially paid their wages.
The owners of the club promised to pay the rest of the salaries, but they didn't and there was no official confirmation of the sale.
The owners have so far rejected calls from local MPs to put the club into administration, prompting Robin Walker to request the Department for Culture, Media and Sport in parliament last week.
Non-league football club Worcester Raiders play their home games at the stadium, which has been affected by the Sixways' closing.
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