The Bulls say they could be forced to enter administration within the next fortnight after being hit by a winding-up order from HM Revenue & Customs.

The crisis-torn club cannot afford to pay monies owed to the taxman as well as other liabilities and say they need more than £1million to see out the season.

HMRC is threatening to wind up Bradford Bulls Holdings Ltd and the club’s board of directors say they had no alternative but to file a notice of intention to appoint administrators.

They claim the move will buy them vital breathing space as they bid to keep the HMRC at bay and attract new funds into the club within the next two weeks.

An independent review of the club’s finances has been completed by insolvency firm The P&A Partnership at the request of the newly-formed board of directors, which saw Stephen Coulby and Rowland Agar replace Peter Hood and Andrew Bennett last month.

The P&A Partnership say the Bulls are a “loss-making business” that requires more than £1million to survive through until the end of the season.

Brendan Guilfoyle of The P&A Partnership said: “The club’s new directors asked my firm to carry out a review of the club’s finances and the reality is that this is a loss-making business.

“Despite the magnificent effort of supporters in raising £500,000, the club still requires more than £1million to complete the season.”

Coulby yesterday reiterated his opinion voiced in the Telegraph & Argus on June 2, when he claimed the club’s financial situation was far worse than originally thought.

After fans raised around £500,000 during the Quest for Survival campaign, it was initially thought that another £500,000 would pay off current liabilities.

Coulby said on June 2 that over £1.2million was needed to meet the club’s liabilities and take it forward.

Yet the Bulls director said that the club were in “positive talks” with investors and remained determined to avoid entering administration.

Coulby said: “Unfortunately, developments last Friday and pressure from HMRC has meant that we have had to seek protection while positive talks with investors continue now that we have ascertained the full extent of the club’s debts.

“Had the actual position been as we were initially led to believe it to be, that is to say a requirement for a £1million investment into the business, half of which having already been raised through the sterling efforts of supporters, the present uncertainty would have been resolved by now.

“Regrettably, other matters have recently been brought to our attention which have widened the funding gap, but we are still intent on avoiding administration and its consequences if at all possible.

“Bradford Bulls remain a terrific club with a marvellous history, an iconic brand and have a great deal to offer any partner wanting real value for their investment.”

It is understood that players and staff will be paid as normal this month, with wages due to hit their bank accounts today.

Bulls coach Mick Potter and 17 first-team squad members are out of contract at the end of the season and their futures remain uncertain.