Moseley Rugby Club is appealing to its creditors to waive debts in order to safeguard the future of the semiprofessional game in Birmingham.
The club, which reinvented itself after crashing seven years ago owing more than £1 million, has written to organisations and individuals suggesting they might wish to write off some or all of the money they are owed.
Moseley ran into difficulties in 1998 and went into administration. The club re-emerged shortly afterwards, under owners Moseley Ventures, but went into receivership in 2002.
The club was then bought back by its members, with a new management board vowing to extinguish the debt.
The receivers announced a 55 per cent repayment to creditors last week with the money coming from the sale of the club's former Reddings ground to Bryant Homes.
Moseley's chief executive David Warren urged creditors to consider returning the money so that it could be used to improve the rugby club.
He coupled the appeal with a promise that probity would be Moseley's first priority when the club begins the 2005/06 season at its new ground at Billesley Common.
Mr Warren wrote: "Many old creditors have expressed the wish that any dividend received from the old club should be put into the new Moseley Rugby Club.
"We appreciate that some creditors may need the dividend or may have been discouraged from making a contribution by previous experiences with the club. We do respect those of you with this opinion and apologise for bothering you.
"However, for those of you wishing to be part of Moseley's future and wanting to assist, there are a number of ways the money could be applied."
The money could be handed back to purchase shares in the new club, or to buy advertising at the Billesley ground, or to make a donation to the general funds, Mr Warren said.
A number of creditors have responded positively, although the club is realistic about how much of the money it will claw back. A major part of the £2 million is owed to the Inland Revenue and Customs and Excise - institutions unlikely to have the powers to grant dispensation.
Mr Warren said Moseley's directors had one priority: "The club must be solvent at all times and not a penny spent which is not possessed.
"If this means that it will take longer to return to our rightful place at the forefront of British rugby, then so be it.
"There are not and will not be black holes in the club's finances and the club will always be prudently managed under the current regime."
A new clubhouse and bar at Billesley Common opened recently to complement a pitch with floodlights.
Mr Warren, a former Moseley captain, was one of the leaders of a successful rescue bid that enabled members to purchase the club from Moseley Ventures. The buy-back went through after a creditors' meeting narrowly rejected a takeover bid by the chairman of Oxford United FC.
The takeover would have seen all debts settled, but Moseley would have had to play their games in Oxford.