The First Division club, whose senior players pulled out of Tuesday's friendly at Hull over a pay dispute brought about by the crisis, met the creditors knowing that if they rejected the Creditors Volunatry Agreement, the club would close.

The decision to form the CVA represents the first part of what City hope will be a double dose of good news.

The jobs of 19 players should be secured later today when the release of Benito Carbone from his contract is confirmed.

The Professional Footballers' Association have arranged and helped to finance a deal which should see the Italian striker return home and sign for Como, who have been promoted to Serie A.

Carbone's contract has been cancelled by mutual consent and the PFA have negotiated a settlement and also played an integral role in structuring and financing the club's CVA.

On Tuesday, administrators Kroll Buchler Phillips had admitted they hoped to have the package agreed to today.

A spokesman for the administrators had conceded that failure to reach agreement could lead to the demise of the club.

He said: 'We're hopeful they'll accept the offer because it's the best way of them receiving the best returns on the debt.

'If they decide to vote against it we have to consider the possibility of going back with a revised proposal but that would have to be in very short order because we don't have time to go out and find a new buyer and go through the whole process again.

``If that's not possible then liquidation is the last resort. If there's a `yes' vote the administrators will meet with the Football League to have the CVA proposal ratified.

'Once it's been ratified it means that Bradford City can continue as a First Division club and Bradford can exit administration.'

The club were placed into administration on May 16 following the collapse of the ITV Digital deal and Middlesbrough's decision not to buy Carbone.

They had invested heavily following their promotion to the Premiership in 1999, bringing Carbone, Stan Collymore and Dan Petrescu to Valley Parade.