EBBW Vale RFC could cease to exist as a business today after making a desperate plea to the Welsh Rugby Union to help them bridge a £350,000 deficit.

Vale were set to meet the WRU at 11am this morning to find out if the union could help bale them out with the money needed to help the Steelmen balance the books for the season allowing them to play this season.

Although Vale coach Mike Ruddock and director of rugby Ray Harris (pictured) remained hopeful today, Harris warned: "Unless around £350,000 can be found, this club will not last the season."

The situation has risen after a catalogue of events unfolded over the last week which has put the club in a desperate position.

Last Wednesday, Vale were given their Welsh Premier league fixtures for 2002/03 and discovered between December 26 and April 26 they only have one home fixture.

The lack of gate receipts coming into the club means they can not function as a business plus directors Marcus and Paul Russell have informed the club they are no longer able to subsidise Vale as they have done.

Chairman Marcus Russell has often reiterated that he would not "pour money into a black hole" and while the brothers have fulfilled their financial obligations to the club, the support can not continue.

The club expects to receive £600,000 from the WRU, but with costs mounting up to around a £1million, if the union refuse to answer Ebbw's plea to buy an additional £350,000 of shares in the club, Vale face being wound up.

Swansea are also in financial dire straits, facing similar uncertainty about their future. Harris said: "I don't know what is going to happen to us, as directors we have identified a forth-coming cash-flow problem and because of that we have a duty to inform people we are responsible to of that." The WRU's general committee met last night to decide whether they could help and Ebbw's chief executive, Tony Dilloway, was due to hear their decision. Unless either the union or an independent backer comes in at the eleventh hour to help, Ebbw will be forced to fold. The players were told the bad news yesterday morning and everyone faces an anxious wait to find out whether they have jobs.

Captain Chay Billen said: "It's dark days, it was painful for me to have players phone and ask whether their agents should approach other clubs or if they should find jobs in other employment.

"The club have been totally honest with us, but there are a lot of worried players out there."

Vale's Wales A coach Mike Ruddock remains hopeful a solution can be found and emphasised the club "was still very viable if we can get over the current cash shortfall." He said: "Obviously everyone is devastated by the news but we are still holding out hope that we can raise the money we need to equate the budget.

"The one glimmer of hope is that the players' wages have been paid and can still be paid within the money the Welsh Rugby Union gives to us.

"If a receiver comes in, he'll decide where the money goes, but the fact that we can pay our playing staff is a pretty good achievement nowadays when you realise the short falls other clubs must have.

"I hope the politicians and the WRU realise that the second biggest employer in North Gwent could be on its way out without help."

A still remarkably buoyant Ruddock continued: "The spirit at the club this pre-season has been superb and the work ethic has been tremendous.

"It's the first real pre-season I've had with the players. Last summer we were recruiting until the last minute and by this time had only about 15 players training. "This season we have a full squad in and it has been going really well."