The Bulls were hit with a six-point deduction in February after going into administration in the build-up to the 2014 season.
An independent panel upheld the punishment handed out by the Rugby Football League earlier this month, but the Yorkshire club – four-times Super League champions – still vigorously believe they have legal grounds to challenge the decision.
And the outcome of the case will have a huge bearing on Bradford's Super League status as the Bulls are second bottom, nine points adrift of safety with 10 games remaining.
A spokesperson for Bradford's board told the club's official website: "Our solicitors and barrister have now had further opportunity to consider the complex issues raised, both in relation to the original points deduction and the subsequent decision of the Sporting Sanctions Appeal Panel to uphold it.
"The advice which the club has received is positive and, as a consequence of that indication, it is the club's intention to pursue what are considered to be appropriate legal remedies.
"The decision to do so has not been made lightly and will be continually reviewed to ensure that any action taken is beneficial to the club, players, partners, supporters and the sport as a whole.
"Suffice it to say, we would not embark upon such an exercise without good reason and cause.
"We are not doing this just for us as a club, we are pursuing matters for the good of the wider game."