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.
Plymouth Albion have been overwhelmed by support following the news that they're set to appoint an administrator to help them with their financial problems.
Fans from across the country have been buying tickets for Saturday's game against fellow strugglers Moseley, even though they may not be able to go.
Troubled Plymouth Albion are to appoint an administrator as part of efforts to secure its future. The rugby club is facing what it calls 'serious financial challenges' together with the threat of relegation from the Championship.
The club is calling on supporters to pack Brickfields for their next two home games this Saturday and on Saturday January 31st to help boost the team and the club's finances.
"Issuing a Notice of Intention to appoint an administrator has been a difficult but necessary decision and is a reflection of the seriousness and imminent nature of the financial challenges which the club now faces. We continue to intensively explore all options but clearly time is not on our side."
Plymouth Albion have been beaten on the opening day of the new Championship season.
James Shanahan's men went down 27-6 at Doncaster. Lawrence Rayner scored Albion's points from the penalty spot.
Tomorrow in the Premiership, Exeter Chiefs travel to newly promoted London Welsh (2pm). And in the Championship, the Cornish Pirates take on Yorkshire Carnegie at the Mennaye Field (3pm).