Merthyr Tydfil Football Club (MTFC) has announced that it has raised sufficient funds to guarantee the club's short-term future and allow it to continue playing in the British Gas Business Football League Premier Division.

An urgent funding appeal was launched on 18 February after serious doubts were cast over the club's future existence, although the board of directors has revealed that it has reached an agreement with all of MTFC's main creditors in relation to outstanding debts. Director Simon Ryan said: "The directors and supporters of Merthyr Tydfil FC have come true to their word and together have saved the club in the short term. I would like to thank all the loyal supporters who have come forward this morning and offered their money to help our cause.

"These and many more people, from inside and outside the club, from Wales and beyond, have stuck by us in a horrendous week, making coffee, keeping us going, and helping in any way they can, and are true assets to club." The news means that MTFC's fixtures against Corby Town on 21 February, and Evesham United on 24 February, will continue as planned.

The current club was formed in 1945, and competed in the 1987-88 European Cup Winners Cup following their Welsh Cup success the previous year. This season also marks 100 years of football at the club's Penydarren Park ground.