Bradford Bulls were in turmoil on Tuesday when the directors quit just minutes after the club were docked six Super League points for going into administration.
The Rugby Football League imposed the sanctions after the Bulls breached the game's insolvency regulations for the second time in 12 months.
That announcement was due to be made at 10am on Wednesday but was brought forward when it became clear that Bradford's directors - and prospective formal owners - were set to pull out of the club in protest.
Bulls chairman Mark Moore duly confirmed that Bradford Bulls 2014 Ltd, the holding company which had a bid to purchase the club from the administrator accepted last week, has withdrawn its offer.
In a statement, Moore said: "It is with great sadness and frustration that we have been led to this point.
"I believe that we have been forced into making this decision, due to the Rugby Football League's proposed sanction of a six-point deduction, making relegation almost a certainty."