Directors and volunteers at West Wolds Radio are working to put together a rescue plan to keep the Pocklington-based community station on the air in the long term.
Closure, which was originally announced for last weekend after five months owing to financial reasons, was averted when volunteers came forward to see what options lay ahead.
Surrendering the FM licence to the regulator, Ofcom, would mean Pocklington losing its service with no prospect of an immediate return.
Tony Barker, deputy chairman, said: “Closure would have been a tragedy after a lot of hard work and thankfully members of the Pocklington community came forward to see how the station could be saved.
The rescue attempts are at the very earliest stages and the future will require support from the community to see West Wolds Radio as an asset. We’re appealing for donations and sponsorship from individuals, organisations and businesses. We were heartened by supportive messages from the listeners.”
A meeting of the volunteers has been called for Friday evening at the studio to update everyone. Meanwhile, the output continues with West Wolds Daily being broadcast from 10am-1pm and various specialist programmes in the evenings.