PLYMOUTH Albion's chairman Dr Graham Stirling has denied rumours the Championship club are about to go into administration.

Speculation has been flying around rugby circles that Albion are on the verge of that following the shock exit of new coaches Peter Drewett and Phil Greening from Brickfields on Friday evening.

The pair walked away from the club after the team's 18-6 win over Doncaster as the city side could not meet their salaries.

Albion sacked long-serving chairman of rugby Graham Dawe in mid-November to bring in former Exeter boss Drewett.

However, the deal for Drewett and coaching consultant Greening was being underwritten by local businessman Nigel Passmore, who agreed to join the board eight weeks ago when Albion were looking for new investment.

However, Passmore's spell at Brickfields did not last long and he left the club just before Christmas.

That has left Albion unable to fund Drewett's and Greening's salaries.

The Albion board did ask director of rugby Drewett if he would give it a few more weeks to see if they could come up with the funding required, but the former Exeter Chiefs' boss opted to leave.

He informed the players in the dressing room on Friday night.

The loss of Drewett and Greening and much-needed investment has left Albion in a state of chaos and with the club's reputation in tatters.

But Stirling insists Albion can survive in the Championship and he will fill in shareholders about all the developments and the club's financial position at a meeting on Wednesday.

When asked if the club was about to go into administration, which would mean a points deduction and almost certain relegation, Stirling said strongly: "That is not the case.

"This is all very difficult at the moment and after what has happened, nerve ends are very raw, for all involved.

"But I assure everyone that there is considerable work going on within the club 24/7 to sort matters out as quickly as possible."

Albion have been struggling financially for a number of years after investing heavily in Brickfields, which has left them with debts to pay.

In 2007/08 players were asked to take a pay cut, while at the end of the 2009/10 season the club had to make a public appeal for funds to keep them out of administration.

Since then Albion have been trying to get stable again, but, despite making cuts to their playing budget and trying to bring in more funding, a fall in attendances and sponsorship this season has not helped, which is why they accepted Passmore's offer to invest in the club.

Stirling said: "Eight weeks ago we were approached by a local businessman who wanted to join the Albion board.

"He committed the money that was going to fund the new coaching set up.

"After joining the board he carried out a due diligence exercise on the club's finances and decided there wasn't enough security in the club to put his money in."

He added: "Having lost the support of the financial backer who was underwriting their (Drewett and Greening) salaries and in all circumstances Pete Drewett did not feel able to stay with the club.

"We tried our best to keep the coaching team in place for a further period whilst we resolved the issues, but for understandable personal reasons this was not possible. We will maintain contact to explore options.

"The board is raising additional funds and is meeting with shareholders of the club in early January to resolve the situation. A further announcement will be made later."

The Albion board are asking Nat Saumi and John Roberts to look after the team in the short term.

Stirling will meet with Saumi and the players this morning to fill them in on all the latest developments.

Stirling did have a brief word with the team after Friday's 18-6 win, which ended a six-game, league losing run for the team.

"On the coaching side, we have a safe pair of hands in Nat Saumi assisted by John Roberts and James Owen and maybe some guest coach appearances," said Stirling.

"I know there will be no let-up in their endeavours to gain more vital wins between now and the play-offs."

The club's treatment of Dawe and Drewett, two respected rugby men, might make it difficult for Albion to persuade other coaches or players to come to the club.

Stirling admits it has been a 'nightmare' few weeks but hopes the club can get back on a sound footing and rebuild their damaged reputation.

And he admitted that once that is done he would be considering his own position at the club.

"It has been a nightmare few weeks," he said. "And it's been unacceptable, but what is done is done and we now have to pick up the pieces to secure the long-term future of Plymouth Albion."

When asked if he would consider his own role, Stirling said: "In due time I will consider my position as chairman of the club because this has happened on my watch.

"However, now is not the time to do so.

"At the end of the day I will do for Albion whatever my God given talents enable me to do.

"I have no self-interest, I'm happy to sell programmes or whatever else helps the income streams and helps Plymouth Albion Rugby Club."

He added: "We've got a task at hand to do and we have to address that.

"We are making positive headway and we need to focus all attentions on doing that.

"We have got this funding gap to address but hopefully we will be able to do that."

Stirling insisted the club are speaking to a number of parties who may be willing to help the club.

CHAMPIONSHIP RESULTS

Albion 18 Doncaster 6, Esher 24 Rotherham 12, London Welsh 7 Moseley 10, Nottingham 24 Bristol 35, Leeds 19 London Scottish 17, Bedford 32 Cornish Pirates 13.