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The club made the decision to commit to the upcoming Hume league season at a committee meeting on Monday night.
The Demons had been in jeopardy of going into recess for at least 12-months after a mass player exodus over the off-season.
It was determined in early February that it needed another 20 players in the coming weeks or face the alternative of 12 months on the sidelines.
The club had set the deadline of March 7 to decide its fate for the upcoming season.
Vice-president Abe Wooden said the club would tentatively press ahead but stressed that it still needed more players before the season commences on April 2.
"As planned we crunched the numbers on Monday night and made the decision to definitely go ahead this season," Wooden said.
"It's obviously a huge relief and everyone is excited about what lies ahead.
"We could struggle for numbers in reserves some weeks but there are a lot of clubs in a similar boat in that regard.
"We are confident that we will have enough players to get a side out on the park most weeks.
"Realistically we are a few players short of where we wanted to be in regards to player numbers with the season fast approaching.
"But the league has helped us out a lot by explaining contingency plans and what measures can be put in place if we are short on any particular week.
"Making the decision to go ahead on Monday night was a weight off our shoulders.
"But we still realise we have got a mountain of work to do to ensure the long term future of the club."
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Wooden remained hopeful that the Demons could add further recruits in the countdown to their season opener against Howlong.
"We are still contacting former players who we are trying to entice back to the club," he said.
"Since we went public with the club's plight there has been a huge turnaround.
"We went from having a dozen players at training to now where we never have less than 25."
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