The Masterton Cosmopolitan Club has accepted the termination of the lease on its club-rooms on Queen St, it said in a statement issued on Thursday by treasurer Alan Stewart.

The club gets to stay in the building until the end of the year while members consider options - which include the possibility of winding up the club.

On Wednesday, members unanimously agreed to accept an offer from Lands Trust Masterton, in return for the trust settling the club's secured debts and writing off rental arrears.

The club, as an incorporated society, will be allowed to continue occupying the premises up to the end of the year, provided it pays rates and insurance.

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The statement, signed by club president Bruce Alderson and Lands Trust Masterton president Leanne Southey, said this move would enable the club to consider its future "either proving that it can be viable to operate in the current premises, finding alternative premises or winding up the club with members able to transfer to other clubs". The club executive says it will be reviewing this position over the next few months.

The Cosmopolitan Club has been fighting for survival for some time, which included trying unsuccessfully to merge with Club Wairarapa. The club launched a debenture scheme in May asking members to lend money to help clear its debts.