Troubled rugby club Coventry have come out of administration and a new company, Coventry Rugby Ltd, has been formed allowing them to trade again.
It is understood that an undisclosed sum has been invested by Jon Bowles, a businessman from the south of England.
Cov's future had been uncertain after former owner Andrew Green put Coventry RFC Ltd into administration last month.
The sum invested should satisfy the Rugby Football Union that rugby-related debts will be met.
"We're just happy as players to know that there's still life in the beast and hopefully we can move forward," club captain Arthur Brenton told BBC Coventry & Warwickshire.
"If people associated with the new club are coming in and putting their money where their mouths are and they're wearing their heart on the sleeve then that's great.
"It'll only serve to strengthen the resolve as a club."
He's an investor who's come on board with an interest in the community side of the club, not just the rugby side.
Club president Peter Rossborough on new Cov investor Jon Bowles
While the wages of players and staff will be paid, discussions are ongoing with Mr Bowles and other potential investors to secure the 135-year-old club's long-term future.
But an interest in the community side of Coventry was a key factor in the club attracting the investment.
Coventry president Peter Rossborough told BBC Coventry & Warwickshire: "He's an investor who's come on board with an interest in the community side of the club's programme, not just the rugby side.
"It's about the good we can do in the community and have done in the community with visits to schools and dealing with disaffected young people and so on."
Coventry, who were docked 15 points for entering administration, have a free weekend after the postponement of this Sunday's Championship match at Nottingham.