Colin Charvis was one of the Swansea players to accept redundancy

The four-time Welsh champions initially went into temporary administration in March in order to sort out the club's finances.

This included ending, paying up, or renegotiating player contracts, with the bulk of the squad able to take up new contracts in regional rugby.

With Wales' move towards regional rugby, Swansea had to come to terms with a semi-professional future where Premier sides would only receive annual funding of �50,000 from the Welsh Rugby Union.

Even with past funding close to �1 million a season, the club had sunk into debt and saw applying for a Company Voluntary Arrangement with its creditors as the only way forward.

Preferential creditors in the form of the Inland Revenue and HM Customs and Excise had their outstanding payments in June, with the help of a further �400,000 cash injection by club benefactors.

We are extremely grateful for the patience and commitment shown Swansea chairman Roger Blyth

With the creditors satisfied, Swansea can now apply to have the temporary administration order lifted, which will see the club returned to the directors free of any financial burden.

"Swansea RFC will be able to fully concentrate its resources and effort on the role it plays in the new structure of Welsh rugby," club chairman Roger Blyth said.

"This will mean fully embracing the club's role as a development side, nurturing the very best young talent in the area and feeding it through to the regional team.

"We are extremely grateful for the patience and commitment that has been shown by everyone involved in the restructuring.

"It has been a difficult process, but was the only way of ensuring the club's survival as Welsh rugby looks to the future."