The news will no doubt come as a huge relief for fans who faced an agonising wait over the club's fate.
But City may not be out of the woods just yet. Administrators are expected to put forward a repayment schedule to creditors before the end of the season.
If the proposal is rejected, the club could still drop out of the Football League.
It has been quite a turbulent week at Valley Parade. Staring relegation in the face -- eleven points from safety, City faced the prospect of going to the wall after a three hundred thousand pound investment by the Rhodes family effectively ran out at 5pm on Wednesday.
There were also fears that Mr Rhodes would leave the club if he thought it no longer had a future.