Former Bristol City chairman John Laycock has emerged as one of the men whose cash injection has safeguarded Bristol Rugby's immediate future.

Laycock, the former chief executive and chairman of Brandon Hire, served on the board at Ashton Gate for eight years until 2005 and was chairman between 2000-2002.

He and generous Bristol director Chris Booy are understood to have delved deep into their own pockets to ensure the club's survival until at least the end of the 2008-09 campaign.

Bristol remain confident about securing the relevant additional financial backing to move into next season and beyond – but chief executive Steve Gorvett hailed the recent new investment as crucial.

He said: "This will mean we are on a sound financial footing moving forward. The announcements we made in November about requiring new investors to allow us to compete with the top clubs in Premiership remain true.

"But with regard to the basic future of the club, we are just about there in securing that.

"This has secured the financial future for the rugby club, which is what we needed to do. That is good news, but we are continuing to spread the net."

The identity of those behind the pre-Christmas cash boost had been kept under wraps by Bristol. But the generous gesture was made by Laycock, who is thought to have made about £17 million from the 2006 sale of Brandon Hire to plumbing and building group Wolseley, and Capita Symonds millionaire Booy.

The duo are understood to have assured Bristol's players over their futures in a recent meeting – a gesture which was warmly received by the grateful squad.

Veteran Bristol hooker Mark Regan did not want to confirm the identities of those involved – but said he was delighted they had stepped in when they did.

He said: "I'm not going to comment on who has put the money in, but what I will say is that I am very pleased they have done it.

"They came to see us and told us they would be honouring our contracts. They also said it was fundamental that we stay in the Premiership this season. I am looking forward to working with them.

"I would like to say a massive, massive 'thank you' to these two guys from me and all the players for agreeing to help the club out until the end of the season – and for doing it with their own money.

"The two men involved are fantastic men and I have thanked them both personally, because what they have done means one hell of a lot."