This is the third time the club has been placed into administration since 2012.
Marc Green, chairman of the club said he had been talking to “a number of serious investors” but “pressure from HMRC has forced the club to be put into this position to save its future."
"There is a dispute between ourselves and HMRC which we have been working hard to resolve since the winding-up petition was issued and despite two adjournments from the courts to resolve this matter we have been unable to do so,” he added.
Rugby Football League statement
It is undoubtedly a painful and uncertain time for supporters, players and employees
"We were concerned over the ability to secure a third adjournment and therefore this action became unavoidable to protect the club,” Green said.
Green said he will be working closely with the administrators over the coming weeks and intends to “regain the club from them within the shortest practicable time frame”.
"Regardless of whether I remain at the helm of this great club, I will ensure all memberships already purchased for next season will remain valid, as will the offer under which they were purchased. I believe the future of Bradford Bulls is still strong."
Gary Pettit and Gavin Bates, directors of PBC Business Recovery and Insolvency, have been appointed joint administrators, according to a statement on the club’s website.
Pettit commented, “A club like Bradford Bulls serves the local community and we will be working towards finding a solution that preserves the future of the club while also meeting the requirements of the Rugby Football League with who we have already opened a dialogue.”
“I appreciate the club has been in this position twice before in recent years and in my own view ensuring it does not occur again will be paramount,” Pettit added.
The statement added that early indicators suggest there is interest in preserving the club, including protecting the position of creditors and employees, and this interest will be followed by the administrators over the oncoming days.
In a statement, the Rugby Football League said any decision regarding Bradford's membership and possible sporting sanctions would be made in due course at the discretion of the governing body's board.
"It is undoubtedly a painful and uncertain time for supporters, players and employees," the statement added. "In these circumstances the RFL will always seek to support a club in difficulty for the sake of those directly affected and also on behalf of the chairmen and boards of well managed clubs who deserve stability."
A spokesperson for HMRC said, “HMRC doesn’t discuss individual taxpayers. We have an outstanding record for supporting businesses experiencing cash flow problems, by agreeing individual time to pay arrangements whenever we can.”