The Bulls have today announced a change of ownership after OK Bulls Ltd was placed into administration - leaving the club facing the prospect of a points deduction.
The Bulls were docked six Super League points after they entered administration in June 2012 and now face a tense wait to discover their fate.
It is understood that a decision on possible sanctions will be made by the RFL next week.
The move into administration comes about after no agreement could be reached to transfer the ownership of the club from majority shareholder Omar Khan into the hands of the current regime.
David Wilson, of Leeds-based DFW Associates, was appointed administrator of the club’s former holding company and the club has been transferred into the hands of Bradford Bulls 2014 Ltd.
On behalf of DFW Associates, Mr Wilson said: “Upon the sanction of the Rugby Football League, we will have concluded the sale of the club to Bradford Bulls 2014 Ltd.
“It had not proved possible to resolve the ownership of the company with the previous owner and, as a result, the company’s financial position had become untenable.”
The new company is to operate under the directorship of Andrew Calvert, Mark Moore, Ian Watt and Robbie Hunter-Paul.
All players, employees and assets have been transferred to the new company, with the club's Super League licence also looking to certain to be retained.
The new regime say they intend to discuss the club's future with the RFL and seek to avoid a points deduction, with the Bulls saying "the board of directors have stated their intentions to continue to work with creditors."
Although technical issues are likely to arise due to the changeover, the Bulls have said they will "continue to operate as normal".
Bradford Bulls 2014 Ltd say season tickets bought by supporters remain unaffected by the change of ownership.
A spokesperson for the Bulls added: “Although a resolution wasn’t found after all avenues were exhausted, we feel the new company will give the club’s supporters much-needed clarity in terms of who is running, directing and owning their club."