The chair of Nottingham Rugby Football Club (NRFC) has warned that the club could be forced out of business by Christmas unless immediate financial support is found.

Geoff Huckstep revealed that although debts at the National League One outfit are not vast, the club will require at least £150,000 to stave off the threat of closure until May. The club's financial problems have been directly attributed to current economic slow down after a land deal worth £300,000, and a planned share issue, fell through.

Huckstep said: "We had agreed a £300,000 land deal with a property developer and were expecting that to be completed earlier this year. However, the impact of the banking crisis meant the deal did not go ahead and has left us with a hole in our income streams. "We were also looking to raise an additional £300,000 from a shares issue and the money from those two deals would have comfortably taken us through this season. Instead of that, the shares issue also fell short of expectations."

Attendances have also been below the NRFC's forecasted targets this season, and officials have already started a programme of cutbacks which has already seen players and staff take a pay cut. However, proposed changes to the structure of the league system from next season could result in the club receiving an increase in its core funding.

"If we can manage to get through to the start of next season, I honestly believe we will have a very bright and sustainable future," said Huckstep.