The appeal which closed at 12 noon today with help from the Coventry Telegraph and Coventry Building Society raised over £52,000 but was not enough for the £100,000 bond required by the Rugby Football Union.
The bond was demanded as a guarantee that the club would be able to fulfill its fixtures in National League Division One.
Ironically, the National League Division One Board are to hold their meeting at Coventry Rugby Club's Butts Park Arena home.