Ovens and Murray Football League club Wangaratta has been stripped of their 2022 flag after it was revealed the club had breached the competition's salary cap during their premiership-winning campaign.

The Magpies were home to Collingwood draftee Joe Richards - taken as the 48th overall pick in last year's draft off the back of a stellar season for Wangaratta - as well as AFL premiership player Ben Reid, who played 152 games for Collingwood between 2007-2020, who is a player-coach.

The pair were among the key players that led Wangaratta to the Ovens and Murray League premiership in Victoria's northeast, culminating with a three-point win over Yarrawonga in last yuear's grand final.

That premiership has been scrapped however, with The Ovens and Murray League confirming on Monday that no replacement premier will be named in their place after it was confirmed the club spent $28,000 over their allocated $125,00 salary for 2022.

“The 2022 OMFNL Senior football premiership awarded to the Wangaratta FNC cannot be recognised due to the AFL Victoria APP Rule breach,” a league statement read.

“As such, there will be no OMFNL senior football premier declared for the 2022 season.”

Wangaratta have been fined $28,000 and will start the 2023 season without the ability to earn premiership points in their opening two matches.

The club has also seen their player points tally reduced to 36, initially placed at 40 points.

“Whilst aware of the emotion surrounding last night's decision, particularly to the players, volunteers and supporters of Wangaratta, the league remains committed to the allowable player payment rules and absolute integrity around this," Ovens and Murray League chairman David Sinclair said.

“Where a breach is proven, innocent mistake or otherwise, the league simply cannot award a premiership where sanctions are handed out that bring into focus the integrity of the competition.”

Wangaratta will open their 2023 season against the Wangaratta Rovers on Friday, April 7, before facing Wodonga the following week for their first home game of the season.