As the deadline passed spread that the deadline had not been met and a previous rescue package had fallen through.
But now a nightclub owner and a taxi-firm boss have paid off the bond and the club can continue to play in the Blue Square Bet South for the rest of the season.
Pete and Jason Masters from the city's L2 nightclub and Philip Perryman, owner of A2B Taxis of Truro, only decided this afternoon to step in and stump up the £50,000.
Mr Perryman told the West Briton: "We didn't want to see Truro City go down. We have a long way to go to get it right and go forward.
"We thought the club was sold when the news came through that it had fallen through. We have done all of this in the last couple of hours."
Fans have experienced a rollercoaster of emotions as the club has repeatedly been on the brink of disaster.
Administrators were brought in to save Truro City after former chairman Kevin Heaney was declared bankrupt.
The Football Conference demanded the £50,000 bond as insurance against other team's travelling expenses in case Truro City did not survive the season and game results were declared void.
The Football Conference board was meeting this afternoon and was expected by many to expel Truro City but the last minute intervention of the Truro businessmen came just in time.
James Moore, the solicitor advising the administrators said: "A bond has been lodged with the Football Conference and they are going to allow the club to for the rest of the season.
"Within two hours after the deadline we received a call from Peter (Masters) saying he wished to help.
"We have now got breathing space to work with the new bidder and complete a sale without time constraints."
The West Briton revealed yesterday that leading Truro businessman Tony Murtagh could have been behind the previous rescue package which fell through.
A company called Truro City Football Club 2012 was registered at Companies House on Wednesday with Mr Murtagh as a director.
Mr Murtagh set up the Truro-based Money Group which specialises in re-mortgages.He was unavailable for comment.