Brendan Guilfoyle and Chris White, from insolvency firm The P&A Partnership, have been appointed joint administrators of the Super League club after it failed to find new investment to pay off crippling debts.
Guilfoyle said: "We now have just 10 working days to save the club from liquidation because there are no funds to carry on longer. If there is anyone interested in buying the Bulls then we need to hear from them right now because this famous club is now on the brink of extinction."
The Bulls directors filed a notice of intention to enter administration on June 13 in order to buy them more time to find investment, with HM Revenue & Customs threatening to wind up the club over unpaid tax, and the moratorium ended on Monday.
Fans rallied around earlier this year, responding to a plea from former chairman Peter Hood by raising around £500,000 in a fortnight to pay bills after the bank cut the club's overdraft facilities, but Guilfoyle revealed recently that a further £1.2million was still needed to safeguard the club's future until the end of the season.
It is understood Bradford currently owes £98,000 in PAYE tax from May and the same amount for June, plus an outstanding VAT bill of £250,000 from the sale of the Odsal lease to the RFL, while the monthly wage bill is over £200,000.
Guilfoyle, who was at Odsal to break the news of the administration to employees, added: "The directors made every effort to try to save the club within the 14-day timescale issued by the courts but the moratorium ended without any potential buyer coming forward."