It's an incredibly sad story. I'm from Bradford and got into rugby through the Bulls (which eventually led me to Gloucester), so it's awful to hear this. From the sounds of it, they're not going to survive as a club. They sold their ground to pay up liabilities to the RFL, and have no real assets other than their players now, which they'll lose without gaining any money when they go into administration. If they survive financially, they'll be hurting on the pitch, which will hurt them more financially. Downward spiral ensues.
It's amazing, the decline of both the Bulls and Bradford City FC. Both were on highs a few years ago, both are crashing. Bradford City may have already hit rock bottom, Bulls are about to see how far down rock bottom is.