Bradford’s future remains unclear after chairman Mark Moore and fellow directors Ian Watt and Andrew Calvert stepped down from their roles.
It comes after the board of directors were informed the transfer of shares from previous would not be made.
Moore took over as chairman from Omar Khan in September, but Khan has requested to have directors’ loans repaid by the club before transferring the shares.
In a statement, Moore said: “It comes with great disappointment and regret that we hereby notify all Bulls supporters that Ian Watt, Andrew Calvert and I have decided to step down from the club due to the failure of the share transfer from previous owners Omar Khan and Gerry Sutcliffe MP.
“Omar Khan is also now requesting payment for his director’s loans from the club.
“We all felt that it was in the best interest of the club that we exhausted all avenues before making this decision and there was a final meeting between Mr Khan, Mr Sutcliffe and the governing body this morning – but to no avail as Mr Khan is still insistent on not passing over the shares, which he legally holds.
“As a group we in effect have no power to run the business successfully without having the legal responsibility which is the foundation of all business.
“Mr Khan has stated that he will not transfer the shares and as such he will now need to come back into the business and take control.
“We are unhappy that the situation has lead us to this point but as all supporters will agree without owning the shares to the business the club will be at the mercy of whom ever has that control.”
Since taking over the club, the new board discovered more than half a million pounds worth of outstanding debts.