The players' union has provided large-scale funding while Bradford have been in administration.

Bradford have been given a deadline of 1600 BST on Friday by the Football League for Gibb and proposed co-owner Julian Rhodes, a current director, to reach a financial agreement with the club and the PFA.

Gibb, who is ready to replace Geoffrey Richmond, said: "We have to come to a formal agreement (with the PFA) although we believe that we've reached an agreement in principle.

"But we need to sit down and they need to know a little bit more about me. I'm sure they're looking for assurances to represent their members' interests.

"I understand that and I'm sure I can give them those assurances. Hopefully the future will be bright as of Friday 1600 BST.

"We are not there yet but we made a giant leap forward. It was a good result from the League.

"We are now in a position to look forward, although it is subject to a formal agreement being reached between myself and the Rhodes family as well as the PFA.

"I would like to take this opportunity to thank the PFA for their ongoing support.

"We are fairly confident and hopeful that we will be able to cement our agreement in principle with them."

League spokesman John Nagle said: "The board were extremely impressed by the presentation it received from the club.

"Provided the necessary requirements are now met, the club will be in a position to start the new season."

League spokesman John Nagle said: "The board were extremely impressed by the presentation it received from the club.

"Provided the necessary requirements are now met, the club will be in a position to start the new season."