The Bantams have endured a miserable 2018, a play-off place standing on New Year’s Day having morphed into propping up League One a little over 10 months later.
Four head coaches have taken charge at Valley Parade this year and supporters blame joint owners, Stefan Rupp and Edin Rahic, for the mess enveloping their club.
Bringing Rhodes back in a consultancy role will be popular with those same fans, the businessman having helped keep City going through the various financial crises that followed the club’s stint in the Premier League.
“It is a privilege to be back here and I will do all I can to help turn things around,” said Rhodes.
“The season hasn’t started how any of us would have hoped but everyone is committed to ensuring it ends on a much more positive note.
“We have to look forward. This club has been in worse positions in the past and we have overcome them.”
Rhodes spent 19 years on the board at Valley Parade before selling up during the summer of 2016. He jointly owned the club with Mark Lawn for the final nine of those years.
In a joint statement, Rupp and Rahic added: “We are privileged to be welcoming Julian back to the club and he has our full support.
“Following a period of reflection, we felt the time was right to seek assistance of a true Bradford City man who knows the club inside out and can offer day-to-day guidance.
“His expertise will be paramount in helping us turn things around. He will be working closely with me and Stefan while building a strong relationship with David Hopkin.”
Rhodes initially helped Rupp and Rahic in a consultancy capacity following their takeover.
He was instrumental in bringing Stuart McCall back to the club following Phil Parkinson’s decision to leave for Bolton Wanderers just a couple of weeks into the Germans’ reign.
City have lost 13 times in 17 league games this season and currently sit seven points adrift of safety. Macclesfield Town, who prop up the entire Football League, also knocked the Bantams out of the Carabao Cup at the first round stage.
Bradford face a tricky FA Cup first round tie at National League side Aldershot Town this weekend.