The creditors owed money by Bradford City hold the key to the club's future over the next few weeks, it emerged today.

Chairman Geoffrey Richmond and his consortium, including Filtronic boss David Rhodes and his son Julian, have been given exclusive rights to buy the club.

It will remain in administration until details of a deal to pay off the creditors has been agreed, which could be as late as August.

During that period the Telegraph & Argus understands the Professional Footballers Association (PFA) has agreed to pay the wages of the players who wish to return to the club.

The consortium was the only group of the 29 original interested parties to make a serious offer for the club.

The creditors must now agree to the pay-off proposal being drawn up by the directors. Without that approval, the final offer will not be able to go through.

Details of the creditors' voluntary agreement (CVA), a financial offer which pays back a certain percentage of the club's debts, will be sent out within ten days to all those owed money - including season-ticket holders.

A meeting will take place at the end of next month when the CVA must be approved by enough creditors to account for 75 per cent of the total debt. If that is successful, the CVA will need to be confirmed by the Football League and City will finally come out of administration.

It is a complicated process but this announcement will be seen as a positive step by many supporters after weeks of uncertainty.

The players are due back for training on Monday and are expected to include many of the 16 who were sacked by the administrators five weeks ago. Those who want to return to the club will have their contracts re-instated and honoured once the CVA is successful.

A statement from City said: "We are extremely grateful to the PFA for their very constructive assistance offered without which the very future of the club would be in doubt."

All season tickets have been guaranteed once the club leaves administration.

A fans' forum featuring Mr Richmond and PFA chief executive Gordon Taylor will be held at Valley Parade at 8pm on Monday.

l A decision regarding the launch of the Bradford City Supporters' Trust, due to take place at Valley Parade on Monday at 7.30pm, was expected to be taken today.