Coventry have been saved from going under after receiving a reprieve from the Rugby Football Union's demand of raising a £100,000 bond.
The RFU had given the 134-year-old club a two-week deadline to raise the cash or face folding.
But despite only collecting half of the money the RFU has allowed the club to stay in National One next season.
The bond was imposed on Coventry because of the financial problems they experienced last season.
John Wilkinson of the Coventry Telegraph, which led a campaign to save the club, told BBC Coventry & Warwickshire: "The RFU have taken the pressure off by saying 'Yes, the club can continue to play'.
"That is what we and all the fans , who've been so wonderful, obviously wanted. This is the result we wanted."