A youth centre leader who removed a Banksy artwork from a wall said he has received death threats over the issue.

Dennis Stinchcombe MBE, the leader of Broad Plain and Riverside Youth Project, first spotted the street artist's latest officially confirmed piece, Mobile Lovers, on Monday.

The piece, showing two lovers embracing while checking their phones, was attached to a plank of wood screwed on to a wall in Clement Street, Bristol.

Stinchcombe took the decision to remove the piece, using a crowbar, on Tuesday afternoon, when he heard its authenticity had been confirmed.

Visitors were confronted with an empty doorway and told to return to the youth club, where they could view the work – with donations optional.

Stinchcombe, who eventually plans to sell Mobile Lovers to raise funds for the financially struggling project, revealed he had received death threats over his actions.

He said: "I've had death threats today. I said to them, 'If you want to threaten me, come down to the club and do it in the boxing ring.' I had to make a decision as to whether to allow it to stay there and come in today to find it gone or damaged, or take it yesterday and think what can we do with this to make it a bit of a reality and be good for the community.

"We have it here safe at the moment. People can come and see it and if they want to put a donation into our 120 appeal they are most welcome. If they don't they are still welcome to see it. If I can make this work for our building and our appeal then, Banksy, you've done an amazing job and what a gem you are.

"It will allow me to continue the work I do. The way I see it is just one person that I keep off the street that doesn't get locked up saves the local authority £146,000 a year. I think that's a pretty damn good thing for me to do."

The youth club, which has been offering opportunities to young people through learning and sport for the past 120 years, is attended by 1,000 youngsters each month. However, it requires £120,000 to survive – a sum Stinchcombe hopes could now be fetched by selling Mobile Lovers at auction.

He said: "Some people have said that it is worth £200,000 or more." Stinchcombe added that Bristol city council, who he believes own the wall, do not like graffiti and would probably have painted over the piece.

Dozens of people have flocked to the youth club to see the Banksy artwork, with many insisting on paying a donation to help raise funds. Some put £5 notes down, while others emptied change from their pockets.

Paul Messenger, an engineer from Bristol, brought his 90-year-old mother, Dorothy Messenger, to view Mobile Lovers. He and his mother said they did not mind paying to see Banksy's piece, as it was going to a good cause. He said: "I don't mind at all. It can make money for a good cause. I would suggest it was the right thing to do." His mother added: "It was very good, I thought."

A screen print of Mobile Lovers has been installed in the artwork's original home, a boarded-up doorway overlooking the busy A4032 road into Bristol's centre.

The director of the Royal West of England Academy, Alison Bevan, did not object to the piece being moved inside the club. She said: "I think that the fact it was screwed on to a wall makes it extremely portable and would have increased the likelihood of someone taking it. From my point of view, the fact it has come to an organisation like this, that is supporting the local community, is better than it going straight to some wealthy collector."

Mobile Lovers will be stored in a secure location over the bank holiday weekend. Youth worker Jordan Powell refused to leave the piece overnight to ensure it was not stolen. He said: "I stayed in the club overnight. Everyone can still see it here and it is safe. Everyone has their own opinions, some are probably jealous but it is going to a great cause, it is going to help the youngsters in Banksy's home town."

A spokeswoman for Avon and Somerset police said officers were not investigating the removal of the artwork. She said: "We have not received any reports of a criminal offence."

However, a police officer and a PCSO visited the centre today and advised the youth club to seek legal advice before selling the piece. The police spokeswoman said the officer and PCSO had visited to have an "informal chat" following public and media interest. She added: "Crime prevention advice was offered and the officers discussed issues that might arise in light of a potential sale."

The discovery of Mobile Lovers comes days after a piece depicting three 1950s-style agents listening in on conversations in a telephone box appeared on a house in Cheltenham.

• This article was amended on 17 April 2014 because it referred to Dennis Stinchcombe as David Stinchcombe. This has been corrected.