As a Leigh fan in a potentially similar situation 6-months ago, with our White Knight gone, it all seemed like the end of the road.
6-months later we're playing better rugby than ever (except last week), in the semi's of the NR Cup this week and looking at clearing all debt's by the end of the year.
This has been done through true supporters having their input, setting up fund raising clubs to pay players contracts, non playing paid staff trimmed to an absolute minimum, players payments set at affordable figures (less than a significant number of other championship clubs), PLUS season ticket prices not subsidised (£170 per year instead of the previous £110). We now have a club that is standing on its own feet with no one person carrying the purse strings.
I know you will feel like we did, extremely angry about what is going on, but this could be the new start Bradford deserves. If it is in Championship 1, the so bit it. But with your support base, you'll fly through the divisions. The only issue then would be to get back into SL which is what we've been trying to do for 15 years which is why we and all other clubs below SL always push for Promotion and Relegation, otherwise the interest and support base slowly and surely dies away. We've gone from 4K to 1.8K average in only a few years due to there being little incentive.
I hope you will be OK and will probably retain your SL place, but perhaps it's time that not one person (White Knight) controls your club so this knid of situation won't occur again.
Good Luck for the future