The fatal accident occurred in a small airfield near Palmas when a plane carrying the footballers and club president suddenly hit the ground at the end of the runway during take-off.
“The plane took off and crashed at the end of the runway at the Tocantinense Aviation Association,” the club said in a statement.
“We regret to report there are no survivors.”
The victims of the crash were identified as president Lucas Meira and players Lucas Praxedes, Guilherme Noe, Ranule and Marcus Molinari. The pilot was also killed.
The cause of the tragedy remains unknown and local authorities are set to investigate the crash.
Palmas, a fourth-tier club, was set to play a Brazilian cup game against Vila Nova on Monday.
Brazilian Football Confederation postponed the game in the wake of the tragedy which shocked the entire country.