Bradford City's directors today warned that the football club could be forced back into administration within the next seven days.

Crisis-hit Bantams will consider seeking protection through the courts if negotiations with major creditors fail within the week.

Going into administration would yet again place the club's very future in doubt, although chief executive Julian Rhodes today indicated he would not walk away if that happened.

It is understood the club has been forced to set itself a deadline because it is rapidly running out of cash after negotiations with finance giant Lombard stalled.

Lombard is still owed about £2.5 million after being paid £4 million from the club's sale of the stadium and shop complex to former chairman Gordon Gibb's pension fund.

As of last November, City needed to find an extra £10 million to ensure its survival but the directors still hope that amount could be halved if they can strike a suitable deal with the creditors.

Directors Professor David Rhodes and his son Julian have pledged to plough between £3 million and £5 million more into the club if that deal is done.

The Rhodes family has already invested £1 million on an unsecured basis to allow the business to keep trading while the negotiations are ongoing.

But that cash will run out next week and, if the creditors refuse to reach an agreement on the outstanding debt, the club will be forced to look elsewhere for funds or - at worst - file for administration.

City has been desperately struggling for cash since originally striking a deal with creditors in 2002 after former chairman Geoffrey Richmond placed the club into administration.

The terms of the deal with the creditors - known as a Creditors' Voluntary Agreement - budgeted for steady revenues from match day crowds, shop sales and corporate hospitality.

But income has slumped dramatically as the club has slid towards the first division relegation zone, where it now lies eight points from safety.

Today, the club issued a grimly-worded statement saying the financial situation needed to be "resolved once and for all" within the next seven days.

Managing director Shaun Harvey said: "We have come so far since the administration period of the company and are now within sight of the finishing line, however, we need to negotiate the last couple of hurdles.

"The Rhodes family's unsecured position cannot be extended any further although if a successful resolution can be found over the next seven days then the additional finance will be forthcoming to resolve matters once and for all.

"In the event of failing to reach an agreement with the last remaining stakeholders then the company will be forced to either seek additional funding from elsewhere or, as a last resort, place the company back in the hands of an administrator."

Mr Harvey added: "I have been assured by Julian Rhodes that, in the event of the company having to be placed in the hands of an administrator, that his commitment to the club will not alter and he will do everything within his control to ensure the survival of the club."

An additional complicating factor could be the position of former chairman Gordon Gibb.

Despite stepping down as chairman last month, he still holds 49.6 per cent of the shares (a similar amount to that owned by the Rhodes family) and the Bradford & Bingley Stadium which he leases back to the club.