That could take place within the next few weeks, provided a few loose ends are tied up first.
Neil Brackenbury, one of the joint administrators, told the club's website they were very pleased the CVA proposal had gained the necessary support from creditors.
``We will now be working closely with the new owners to fulfil the conditions upon which the proposal depends in particular to obtain the Football League's agreement that Bradford City remains a Coca Cola Football League One club. We have every reason to believe they will agree to do this.''
``Today's good news is a result of significant effort from all parties, particularly in order to ensure that the club could remain open during the close season.''
He added:``There is no doubt that without the agreement of employees and players to defer wages at certain points during the summer and everyone's fundraising efforts, it would have been impossible for the club to survive until today.''