Neil Hampshire has resigned as Hunslet chairman.
The League 1 club will hold a meeting on Monday, November 4, to discuss its future with supporters and stakeholders.
Hunslet board members Peter Jarvis and Paul Taylor will also depart the South Leeds Stadium.
Hampshire said: “The board and I believe that my departure provides the ideal opportunity for us to consider whether Hunslet should remain as a supporter owned club or move back into private ownership to try and attract additional investment and new talent to the board, hopefully making us more competitive on all fronts.
“I have agreed to support the board through this process and as such my departure will be delayed until a new board have been appointed.
“There is now increasing competition for sponsorship and fans across and beyond rugby league and this all points to the need for new leadership, ideas and skillsets to move the club forward.
“It’s important to understand that, whether we stay supporter owned or move back into private ownership, the club needs more members and additional investment to allow it to do that.”