A consortium led by Bradford City chairman Geoffrey Richmond is expected to be confirmed as the club's new owner in the next 48 hours.

Mr Richmond's joint bid with North Yorkshire businessman Gordon Gibb is the preferred choice of the club's administrators.

The consortium has emerged as the clear favourite since it teamed up with rival bidder Professor David Rhodes, as exclusively revealed in the Telegraph & Argus on Saturday.

It is now thought the consortium has secured sufficient financial backing to settle the contracts of the 16 players fired by administrators Kroll Buchler Phillips last month.

It could mean the players receiving compensation or renegotiating their contracts to stay at the club.

The Football League has backed the Professional Footballers' Association demand that the contracts are settled if City wish to continue in Division One.

Talks between the members of the consortium continued yesterday at Valley Parade.

It is understood details of the deal are being finalised, ahead of an official announcement that the administrators have accepted the bid.

Kroll Buchler Phillips have insisted that a preferred bidder will be chosen before City's senior squad reports back for pre-season training on Monday.