Gateshead Thunder say they will compete in 2010 despite the club's holding company being wound up.

Gateshead & Newcastle Rugby Limited is to be dissolved after a dispute between chairman Steve Garside and the club's Gibralter-based majority shareholders.

But Gateshead's chief executive Rod Findlay said staff were determined to put together a business plan.

"The staff are powerless to affect this position but they have acted quickly to prepare a survival plan," he said.

"The plan is based on realistic financial projections but the club will hold a pledge meeting in the next two weeks to gauge the level of support from fans and sponsors alike.

"Even through the obvious disappointment of the holding company being wound up, the players have all shown a desire for them to continue to play a part on Thunder's development if possible.

"This club has a genuine future."

On Wednesday, Thunder coach Steve McCormack resigned due to the doubts over the future of the club, and has since joined Championship rivals Barrow.

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