Coventry Rugby Club have been temporaily saved and are out of the administration.
A deal was done between Jon Bowles and the administrators yesterday afternoon and a new company called "Coventry Rugby Club Limited" has been formed to run the club founded in 1874.
Peter Rossborough told the CT: "Everything's signed and sealed. The club came out of administration mid-afternoon and has began trading again but there is a long way to go.
"The amount of money invested is quite small at the moment but it is enough to satisfy the administrator and pay the players. It gives us a starting position. Discussions are continuing with regard to further investment and we hope there will be other investors."