The debt-ridden Division One side will receive financial help from the PFA for the next two years as they seek to clear an estimated debt of �36m.

Bradford came close to folding after being placed into administration in May.

However, they were allowed to start the season despite missing the deadline for a rescue package to be agreed.

They will now apply for the administration order to be lifted.

Managing director Shaun Harvey said: "We're delighted the club's future is now secure and we can stop treading water and move forward.

"The deal has been finalised with the PFA and consequently we can come out of administration."

Bradford's problems arose when a disastrous summer of spending in 2000 failed to stave off the club's relegation from the Premiership.

The blow was further compounded this year when television revenue disappeared following the collapse of ITV Digital.

The PFA were forced to step in when Bradford admitted they could not afford to pay their players.

PFA chief Gordon Taylor estimates his organisation has already spent a seven-figure sum to keep Bradford afloat, but they will continue to help until the club's debts are paid.

He said: "We will be helping them on an ongoing basis. Without our help they would have gone under.

"We have absolutely stretched ourselves and we couldn't do it again. We couldn't cope with another 10 Bradfords.

"But everything seems to have been satisfactorily agreed and we hope they can exit administration."