Shaun McRae told Boots 'n' All he hopes Bradford's "business acumen" helps them fend off the threat of liquidation.
The Odsal side need to raise £1million, and around half that figure during the next few weeks, to stay afloat meaning Good Friday's clash with local rivals Leeds could be the Bulls' swansong as a club.
Bradford enjoyed terrific success in the early Super League era, winning the title on four occasions between 1997-2005, and McRae says the Yorkshiremen must now band together during these uncertain times.
"(Bradford) set the bar when the Super League started in 1996 in many ways, including entertainment and getting people to the grounds," said McRae, the director of rugby at Hull FC.
"It's difficult to digest as to how (their financial problems) have occurred, but I think there is a great business acumen at Bradford and they are no doubt getting their heads together and coming up with a business plan.
"Everybody at the club has to pull together now, from the board to the staff, the players to the fans and come up with a solution very quickly.
"Super League needs the Bradford Bulls and I'm sure there's not a person in our game who doesn't want to see them come out of this and play good rugby league."
Boots pundit Phil Clarke expects Bulls' supporters to do all they can to aid their ailing club, who have failed to qualify for the end-of-season play-offs during the last three years.
Clarke also feels that Bradford's situation cannot be experienced by any other Super League outfit if the competition is to keep developing.
"A lot of other sporting teams are in a similar situation - look at (football club) Glasgow Rangers - and what you tend to find is that supporters love their club so much that they don't want to see it die," said Clarke.
"I've no doubt that there will be a massive swell of support for Bradford, but whether that is significant enough financially to help them get through this period I'm not so sure.
"Their results over recent years have seen them finish outside the play-offs and they have not generated as much prize money from winning games, although the gate receipts, I think, have remained fairly constant.
"Super League needs 14 financially viable clubs; we can't afford to have teams who are losing money. Teams have to be profitable for the sport to grow."
For more on Bradford's economic plight, hit the video below...