The magazine planned to close down “unless an urgent fundraising appeal can be met.”
In an emergency meeting held on Tuesday evening, board members agreed to keep the magazine going with a view to restructuring it.
Board member, writer and co-founder Kevin Williamson said: “This weekend’s closure announcement by Mike Small arose from the constant pressure of being the sole individual responsible for almost every aspect of Bella’s publicity, production, commissioning and financing.
“We realise it’s too much for one person to manage – however dedicated or capable.”
Editor and co-founder Mike Small, who indicated his intention to step down, has agreed to continue in his role.
The board said in a statement that the website will keep publishing content but the company behind Bella Caledonia will close and re-start as a ‘media collective.’
First launched in 2007, the website was instrumental in boost support for the Yes campaign during the Scottish independence referendum in 2014.