Gateshead Thunder have had their new business plan approved by the Rugby Football League, but have been relegated to Championship One.
Thunder Rugby Limited has been formed to take the place of Gateshead Thunder and the previous holding company, Gateshead & Newcastle Rugby Limited.
The RFL has handed Thunder a six-point deduction for the forthcoming campaign.
Leigh Centurions, who were relegated at the end of the 2009 Championship season, have been reinstated.
The decision was accepted by chief executive Rod Findlay, who under the new business plan is a shareholder and director alongside head coach Chris Hood and commercial manager Keith Christie.
And Findlay paid tribute to the efforts of all concerned with the club in securing the future for at least the forthcoming season.
"I am pleased that we have secured the future for Gateshead Thunder and that professional rugby league will continue in the north east," he said.
"All of the staff have been working hard on the business plan and that effort has been recognised in the RFL's decision to re-admit Gateshead Thunder under the control of the new company, Thunder Rugby Limited.
"I would like to thank my staff for all of their unpaid efforts in testing circumstances. They should be proud of the way they have conducted themselves."
Thunder's return to Championship One is a disappointment for supporters who saw the club escape relegation from the Championship on the final day of the campaign.
And Findlay revealed the business plan had been set-up to support a club in Championship One and felt the points penalty was a fair one under the circumstances.
"We have to accept that there was a breach of the insolvency rules, through no fault of our own mind, and that a sporting sanction applies," he added.
"We thank the RFL for the way that they have handled this and for the decision to only deduct the club six points.
"There will be some people who say that despite us being demoted we should also be deducted the standard nine points, but that would be double punishment. Some might argue that demotion alone would have been sufficient.
"That would have been an optimistic outcome as our business plan was based on Thunder participating in Championship One.
"On balance we feel that the RFL board made the fair decision and we will abide by it. Our first focus will be to reclaim those six points on the playing field."