Brendan Guilfoyle, the administrator brought in to find a buyer for the cash-strapped Super League club, is waiting for a formal offer from a group of local Asian businessmen known as the ABC consortium. The consortium includes the managing director of Indian restaurant Akbar's, Shabir Hussain, and a group of local property developers.
Guilfoyle is urging the Rugby Football League to give their blessing to the deal, and said: "The consortium is a ground-breaking model and the only hope for the Bulls' future."
Guilfoyle, partner at the Leeds-based P&A Partnership, says the group have pledged £1million to save the Bulls from liquidation but that any deal is subject to them being able to buy back the lease to the Odsal Stadium from the RFL.
The governing body, who paid Bradford £1.25m earlier this year to secure the lease, are likely to seek assurances from the consortium over their plans for Odsal before agreeing any re-sale.
Guilfoyle continued: "No other philanthropist or benefactor has come forward prepared to give £1million to enable the Bulls to survive.
"This consortium has come up with some innovative commercial ideas to make the club viable. They want to create a multi-cultural community space with rugby league at its heart.
"In order to make the necessary and essential improvements to the ground they are in discussions to buy back Odsal stadium from the RFL as part of their bid."