THE embattled Catholic Club Yoogali (CCY) has had a Lazarus-like return from the dead after a stunning about-face from the board.
Just a week after announcing it would force the facility into voluntary administration, a massive "Farewell Friday" night at the club prompted a shock rethink from directors.
For at least the next two months, the club - which is losing more than $1500 a week and owes about $420,000 to the bank and the Australian Tax Office - will open for three days a week in a bold bid to trade its way out of a financial hole.
The CCY was set to close for good on Monday, but an admission from the board it had "panicked" by voting to shut it down and a $5000-plus night of takings on Friday prompted the fresh tack.
"Look, we probably panicked a bit by calling administrators in and we've decided to trial opening just Friday, Saturday and Sunday," CCY president Mal Ledwidge said.
"We had a tremendous night on Friday - there were more than 120 people here for the buffet and if it continues like that, we can keep it open.
"We don't know what's going to happen, but we don't want to just let it die."
Mr Ledwidge said the club was still servicing its debt, but fears directors could be personally liable if it collapsed were behind the move to close.
"People were cranky we made the decision to close, but we had to protect ourselves," he said.
An expression of interest is still expected to go out this month in the hope of attracting a private investor or a larger club to take over the CCY.
The club has already had to cancel six functions for later this year - three of them wedding receptions - because it could not guarantee it would still be operating.
CCY vice-president "Fluff" Salvestro, who has been affiliated with the club for nearly half a century, said the message to the club's 1000 members was now clear - use it or lose it.
"This is our last chance, people really need to support us," Mr Salvestro said.