HM Revenue & Customs have dismissed a winding-up petition against Cambridge Rugby Club, securing the team's immediate future.

Cambridge had reached their survival fund target of £225,000 in November and asked for an initial hearing to be adjourned until 8 December.

A supporters trust raised £167,000 from fund raising and made up the remainder through a bank loan.

The club says it hopes to be trading out of debt within five to seven years.

It was revealed in late September that Cambridge were called into the High Court after failing to pay tax and National Insurance contributions for the whole of the 2008/09 and 2009/10 seasons.

I implore any members past and present who have not yet made a donation to think again Cambridge chairman Steve Bowller

The survival bid was led by Steve Bowller, who was elected chairman of the National One outfit a fortnight ago.

"At such a positive time I hate to sound a note of caution but the club still has sizable debts," Bowller warned.

"I implore any members past and present who have not yet made a donation to think again.

"Every pound we can raise will be crucial in reducing what the club pay in servicing loans. If we could raise the fund to £250K that would be great."

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