MARK Sawyer says former chairman Andrew Chalmers has waived a substantial six-figure debt he is owed after selling the Bulls.

The Dewsbury Rams chief has also defended the involvement of Nigel Wood after the former RFL chief executive and his family became the majority shareholder at Bradford.

Sawyer, who is the other investor in the new consortium, said it was a brave decision for Wood to make.

Read more: A look back at Nigel Wood's career

Bulls completed a transfer of shares from Chalmers on Tuesday night, with the new bosses now looking to get the club back on an even financial keel.

Sawyer revealed Chalmers remains a Bulls fan and has even secured an unnamed sponsor for the club for next season.

Sawyer said: “Andrew himself is the biggest creditor of the company. He has written to us saying he would not be pursuing the loan, saying he has no right to collect it. That has helped things out substantially.

“The reason he is waiving the debt is because he wants the club to survive.

“He is a New Zealand fella, his family is down there. He said his club is still the Bulls. He has secured a sponsor for us for next year. We can’t take anything for granted with the fans after so many setbacks in the past.”

Bulls are thought to have debts well in excess of £500,000 and Sawyer said the new consortium were in the process of dealing with the club's creditors, with one of the largest ones due to be paid by Friday.

The appointment of Wood onto the board, as part of his family’s stake in the club, has raised eyebrows, but Sawyer insists Wood deserves credit.

He said: “I have been disappointed with the feedback from people I have talked to (today) about Nigel’s involvement.

“His only motive is for the club to get back on its feet and back to Bradford. He is in Australia for six weeks. He will step up in an advisory capacity, as there is a lot of hard work to do.

“There are some other smaller shareholders coming in as well.

“There has been such a toxic cloud surrounding Bradford with chatter and negativity. A number of shareholders will come in as we go along.”

Sawyer also revealed Bulls have secured four pre-season friendlies to whet Bulls fans’ appetite but would not reveal their opponents.

He added the club has a pathway which leads back to Bradford and has been in discussions with council chiefs and MPs in a bid to return to the city once their initial 12-month stay at Dewsbury has been completed.

Sawyer said: “The rugby league home of Bradford is Odsal. That’s top of the list, but there may well be other options.”

Toronto Wolfpack chairman Eric Perez was also installed as interim chairman, with one of his main responsibilities bringing in new sponsorship to the Bulls.