Caisley was at the helm throughout the club's glory years at Odsal in the early days of Super League before leaving in 2006, but he remains the largest single stakeholder with 25% of the shares.

Calling for an extraordinary general meeting, he believes Hood and his fellow director Andrew Bennett have lost the faith of the shareholders and must make way now to facilitate a potential takeover.

The crisis-torn club must raise £1million - at least half by 5pm on Friday - or face going into administration with a big tax bill looming. They have so far reached £300,000 in pledges.

Caisley says he can deliver a business strategy to save the club from financial ruin and has received support from a number of high-profile figures such as actor and Bulls fan Duncan Preston and former Bradford and Great Britain coach Brian Noble.

Stand down

"The majority shareholders have asked Peter Hood and Andrew Bennett to stand aside in order that work could commence immediately, but they have declined to do so," Caisley told the Bradford Telegraph & Argus.

"Peter seemingly believes that he and Mr Bennett give the club the best chance of successfully finding a pathway through the financial difficulties because they are in discussions with potential investors who are of a similar view.

"The majority shareholders disagree and have therefore asked the club's directors to convene an extraordinary general meeting when the matter can be dealt with."

Caisley claimed Gary Tasker, the club's former general manager, has agreed to head up a "root and branch" review on all aspects of the club's business, with Noble carrying out consultancy work on the football department.

"I have received offers of support from people who together hold a majority of the club's issued share capital," Caisley added.

"With assistance from the club's CEO Ryan Duckett, we wish to carry out an urgent review of the business across all areas and see if we can find a way through this maelstrom."

Hood is expected to issue a response.

Meanwhile, members of Parliament joined the battle to save Bradford on Thursday after the Parliamentary Rugby League Group revealed they have written to RBS boss Sir Philip Hampton in a bid to extend the club's overdraft.

Group chairman Greg Mulholland, MP for Leeds North West, said his members had reacted with 'great dismay' to the RBS actions, which he says places the club in a 'dire position'.