Bradford City was today saved from financial oblivion.

Creditors unanimously agreed to back a rescue plan drawn up by the club's administrators and would-be owners Geoffrey Richmond, Bradford businessman David Rhodes and his son Julian.

At a meeting of creditors held at Valley Parade today, there was a show of hands among those owed money by the club - including season ticket holders - and not one person dissented.

And prior to the tense meeting, the club had secured a deal with 86 per cent of the creditors - including finance conpany Gerling UK Ltd, which was owed around £7 million.

Talks with Gerling only ended at 10.30pm last night and details were being ironed out as the meeting was due to begin.

And it emerged at the meeting that Mr Rhodes, boss of Shipley electronics firm Filtronic, even put the deeds of his house up as security to ensure the Company Voluntary Agreement went through.

Now it must seek the High Court's permission to come out of administration.

And it must also seek the Football League's blessing next Tuesday to resume its place in Division One before the new season kicks off a week on Saturday.

But it emerged this afternoon that Geoffrey Richmond's future as chairman of the club was in doubt. He said: "After Tuesday, I may or may not go forward ( for the post of chairman). The important thing is that this club survives."

Cheers and sighs of relief were heard around Valley Parade today after the administrators announced they had secured the agreement

In effect, the CVA deal will mean most of those owed money will only receive 10 pence out of every pound they are owed by the club which is struggling with debts of around £21 million.

But City's joy did not come without some nail-biting moments.

The meeting was delayed for half an hour while Geoffrey Richmond undertook last-minute negotiations with Gerling.

The directors have now agreed to stump up a further £1 million to its major unsecured creditors in three years' time.

And they agreed to hand over 70 per cent of any cash City gains from a High Court ruling over ITV Digital - which went off the air owing League clubs millions - to the unsecured creditors.

And in a surprising development the meeting - packed with nervous city fans - was told that the creditors will keep a close eye on the club, its directors and its financial dealings while it battles to get back on a sound financial footing.

Neil Brackenbury, joint administrator at the club, said of the deal: "It gives us a better return for creditors and it will give us, as administrators, a more hands on role during the period of the CVA."

Mr Brackenbury added: "Today is a good day for Bradford City, the fans and football in general. We particularly thank the fans for their patience. It has been difficult for the fans to watch this unfold from the sidelines."

The club is still suspended from the League and now has to get the agreement of the League board next week before it can regain its place in Division One.

And City manager Nicky Law said he was delighted when told the news by the Telegraph & Argus.

He said: "Of course this is great news. We can now get on with our jobs which is preparing for the start of the season on August 11.

"I will be sending a full squad out tonight against Bradford Park Avenue as we get on with the serious business of playing football.

"I can now get back to my real job which is being the manager of a football team."

A Football League spokesman said: "The Football League board of directors will now consider Bradford's position at a meeting on Tuesday. The criteria they will take into account will be the full settlement of the club's footballing debts and their ability to fulfil their fixtures."

The way towards financial safety was paved when a deal with Benito Carbone - one of the club's major creditors - was thrashed out yesterday to accept a compensation package worth around £800,000 from the club.