The entire board of Plymouth Albion have resigned, with Graham Stirling stepping down as chairman with immediate effect, although he will remain on the board for now.
This announcement comes after several weeks of uncertainty over the club's financial future, with the threat of going into administration offset at the last minute as they managed to raise £250,000.
A spokesman for the club said the entire board offered their resignations at a meeting on Thursday evening, which were accepted.
The club avoided administration thanks to pledges of more than £250,000.
Plymouth Albion have announced a new board and chairman, Peter Vosper. All members of the previous board resigned yesterday, with the exception of former chairman, Graham Stirling. He will remain on the board.
Other new board members are Roger Harris and Graham Dawe.
Plymouth Albion will not be entering administration after a hugely successful fundraising appeal.
Friends of Plymouth Albion pledged over £250,000 and combined with existing funds, the rugby club are able to meet immediate requirements.
Further funds are still needed but the club say this is a major step forward.
Plymouth Albion are not going into administration.
The Board says the rugby club has been saved in the last 24 hours.
More updates to come.
Plymouth Albion is holding a press conference this lunchtime about the possibility of the club going into administration.
Today is the deadline for the 140-year-old rugby club - it has until midnight to come up with a rescue package.
Administration would mean a 20-point deduction, effectively relegating them from the Championship.
Today is Plymouth Albion's deadline to avoid going into administration. The rugby club need to raise £250,000.
If they do go into administration, they'll face a 20 point deduction - effectively relegating them from the Championship.
Doubt over the future of struggling rugby club Plymouth Albion continues.
The club revealed today that they have issued a second notice of intention to appoint an administrator.
Wednesday was deadline day for the club to either find financial backers or call in the administrators - they now have another ten days while they negotiate a deal to save the club.
Albion won their first championship match in ten months last weekend.
If the club does go into administration they will also get a points penalty which will almost certainly see them demoted to a lower league.
It's been confirmed Plymouth Albion Rugby Club will not go into administration.
Albion - who won their first championship match in ten months at the weekend - will make a further statement on Friday. No-one at the club has been available to comment today.
Today is deadline day for Plymouth Albion Rugby Club to find financial backers or call in the administrators.
The club - who won their first championship match in ten months at the weekend - filed a notice to appoint administrators on New Year's Eve.
A crowd funding scheme was set up to try to find the cash to keep it going.