Administrators Kroll have asked players to accept a pay freeze for one week so that they can talk to potential buyers.
Former chief executive Julian Rhodes, who resigned from his post last week, is said to be among a number of interested parties thinking of ploughing money into the club which reportedly has debts of up to 30 million pounds.
It was feared that Bradford City would be forced out of business at 10am on Thursday morning if they could not strike up a deal with Valley Parade owner and former chairman Gordon Gibb that enabled the Bantams to play at Valley Parade rent-free next season.
Gibb turned down the request to waive his claim for #300,000 over a 12 month period.
At that point, it seemed the club would lose its fight for survival and draw its final breath after 101 years as a football club.
But fans were unexpectedly given a ray of hope less than three hours later with the news that Bradford City's plight had stirred up a lot of interest from possible investors.
Joint administrator Mike Moore said in a statement:``As you may imagine, we are eager to investigate all of these avenues in case they can provide a solution to the club's problems.
``Therefore, we feel it would be inappropriate to make any decision at the present about the closure of the club.
``While these new developments are pleasing, time is of the essence. Right now our focus is to commence discussions with all parties in order to try and obtain a viable offer that would secure Bradford City's future.
``In order to give the club the best chance to continue trading while we investigate all these proposals, we have asked players to agree to a deferral of wages.
``We appreciate that this is a worrying time for everyone connected with the club and as soon as we have anything further to report we will let you know.''