Even Valley Parade is at risk

And even Valley Parade may be lost, as the stadium could be sold as a separate entity to the club.

Mike Moore, spokesman for administrators Kroll Buchler Phillips, admitted they were having to look at worst case scenarios.

"I can not guarantee fans they will be playing Division One Football next season," said Mr Moore, who has nine parties interested in buying the club.

"If we are to remain in the League we do have to get an agreement and it is something I am working very hard to do."

And he said that selling the stadium could not be ruled out as the club battle to remain an ongoing business.

Under current League insolvency rules, players contracts must be honoured in full - but yesterday the administrators announced that 16 of the players' contracts would be terminated.

The administrators are in top-level discussions with the Football League and the Professional Footballers' Association to try to reach an agreement over the situation, which has angered players and sent shockwaves through football.

"We are very hopeful of reaching an agreement with the other parties," added Moore. "I am working very hard to sell the club."

He admitted that Bradford City had to be treated like any other business, and his first responsibility was to the creditors and not to provide top class football.

Meanwhile City were today accused of acting "dishonourably" in ripping up players' contracts and warned it could create chaos in football.

Players and union reps said the move to end the contracts of 16 players - as revealed in later editions of last night's Telegraph & Argus - was a disaster for the club and football as a whole.

PFA chief Gordon Taylor said it was the first step towards turning football into a "banana republic."

Fans, too, were devastated by the move - which saw big names like Benito Carbone and newly-appointed club captain David Wetherall axed - but pledged that the club would not be allowed to die. PFA deputy chief executive Mick McGuire, who believes the action contravenes regulations, said the move was "dishonourable" and urged the Football League to step in and prevent the Bantams carrying out their cull.

He said: "We hope the Football League will be very supportive in ensuring they don't go ahead with this.

"To say we're shocked and disgusted is an understatement - clubs have contracts to follow which are sacrosanct.

"If administrators choose to disregard regulations in this way it has far-reaching implications for football as a whole - players can then unilaterally breach contracts in the way the Bradford administrators have done.

"If everyone disregarded what they had promised that would set a precedent and a base mark for other clubs to do it."

City have been left with only five senior players after yesterday's decimation of the dressing room - in a bid to save £20,000 a day in players' wages alone. Three other players did have their contracts renewed at the end of the season.

It follows cut-backs among office and shop staff as administrators Kroll Buchler Phillips work to get the club's finances on an even keel.

Andy Myers, one of the 16 players booted out, today revealed his sadness for the whole club.

Myers, last season's player of the year, admitted: "I feel sorry for all the people affected. It's not just the players but also those that have been laid off elsewhere in the club.

"And where does it leave the fans now? At the moment they've got no club to support.

"I'm upset more than bitter. This shouldn't happen in any walk of life.

"But Bradford is bigger than everybody and nobody wants them to go into liquidation.

"Whatever happens, I hope that the club can survive all this and become strong again. I just wish I could have still been a part of it."

Benito Carbone, top of the hit list on £40,000 a week, was said to be devastated by the move.

His solicitor Chris Farnell told the T&A: "Benito is extremely disappointed with the way this has been handled.

"It's something that I will look at together with Benito, his agent and the PFA. We don't think the position Bradford have taken is a fair one and will look at what security the players have regarding their contracts."

And defender Robert Molenaar - dubbed the Terminator - had his own contract terminated yesterday.

Speaking form his home in Holland he said: "The League surely won't have it. This is a test case for every club and I wonder if they could be relegated to the Conference."

The administrators held preliminary talks with the League after news broke of the sackings.

A League statement read: "The league have stressed that their current insolvency policy does require all players' contracts to be honoured in full."

Today fans admitted they were stunned by the scale of the cutbacks.

Dave Pendleton, editor of the City Gent fanzine - which was formed by fans in the wake of the 1983 financial crisis, said he was "in shock".

"If anyone wasn't taking this situation seriously, then perhaps they will now. There is now a real worry for the future of the club. It is a massive move and will come as an awful blow to people who somehow thought it was all going to be okay in the end."

But he said they must take hope into the future.

"We cannot allow Bradford City to die. It is the only positive thing that has happened to Bradford in recent years and to lose City would be inconceivable."