Former Bradford chairman Chris Caisley has finally spoken about his bid to rescue the Bulls.
Caisley's successor Peter Hood and another director Andrew Bennett have left this week and he has met with Bradford's chief executive Ryan Duckett, the sole remaining board member, and other disaffected shareholders to work a way out of the club's financial crisis.
Caisley, who convened an extraordinary general meeting for May 23 to force through a boardroom takeover, had refused to shed any light over his activity but has now issued a statement announcing a root-and-branch review of the club.
"I will lead the strategic review covering all areas of the club's business in the hope we can complete this as soon as possible," he said.
"In the meantime, the EGM that was fixed to take place on 23rd May will no longer be required and shareholders will be officially notified in the course of the next few days.
"Pending completion of the strategic review and discussions with potential investors, no further comment will be made."
Hood and Bennett revealed in March that Bradford were "at death's door" after running out of money and needed £1million to safeguard the club's immediate future.
Fans raised £500,000 within a fortnight to stave off the threat of administration but the club say the same amount is still needed to ensure their survival.
Caisley has brought in an independent accountant to discover the extent of the financial troubles and former directors Stephen Coulby and Rowland Agar, who are members of the new consortium, have re-joined the board.
Duckett said: "We had a positive meeting and have appointed a chartered accountant to carry out an independent financial review of the club's finances.
"On the back of that, we are in discussions with a number of potential investors and a professional sports investment consultant has also been asked to give assistance.
"Stephen Coulby and Rowland Agar have agreed to rejoin the board and former chairman Chris Caisley will provide expert consultancy services whilst he gives consideration to the extent to which he can commit himself to the club in the long term."
After presiding over the club's most successful period, in which they reached five successive Grand Finals under coach Brian Noble, Leeds-based solicitor Caisley stepped down in February 2006 due to family commitments.