Chris Brereton has withdrawn from the consortium looking to buy Bradford.
The former Wakefield director has been leading the consortium in discussions with Bulls chairman Andrew Chalmers to take over the club.
But Brereton notified staff that he has decided to pull out of the proposed move on Monday morning.
He said: “Over the weekend, I have decided to withdraw from the consortium looking to save Bradford Bulls.
“I have offered to help both the consortium and the rugby league moving forward.
“I would like to thank the rugby league for their help and advice during this process and Simon Hustler of Charters Solicitors for his guidance.
“Finally, I would like to apologise to all the fans of Bradford Bulls for not being able to help, and wish you, any new owners of the club, success in the future.”