Balmain Tigers have demonstrated their traditional fighting spirit, staving off voluntary administration by negotiating a significant financial contribution from Heworth Pty Ltd, the developer who took control of their Rozelle site 18 months ago.

Rumours have swirled for days that Balmain, a 1908 foundation club, would be forced into voluntary administration, almost 10 years to the day after the start of the global financial crisis, which halved the value of their assets.

Glory days: Balmain have a rich heritage in Sydney rugby league, including the club's final premiership in 1969. Credit:Fairfax Media

Balmain's two licensed clubs, at Sydney Markets and Five Dock, have not provided the cash flow necessary to meet all its obligations, but Heworth's executive director, Gary He, agreed to a rescue package.

“The new owner listened to us and gave us a substantial cash injection, which we will use to refresh the two small licensed clubs we operate, as well as maintain our quarter share of the Wests Tigers NRL club and service our junior league,” Balmain chairman Dr Leslie Glen said.