Chris Brereton has pulled out of negotiations to buy Bradford Bulls.
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The former Wakefield Trinity co-owner was heading a consortium looking to purchase the cash-strapped Championship outfit from Andrew Chalmers.
But after weeks of negotiations Brereton has walked away having become increasingly frustrated by lack of progress.
The consortium, however, will continue their push to secure the club without him.
Bradford - who went into liquidation less than three years ago - are understood to be more than half a million pounds in debt and have left Odsal to play at Dewsbury Rams in 2020.
In a statement, Brereton said: "Over the weekend, I have decided to withdraw from the consortium looking to save Bradford Bulls.
"I have offered to help both the consortium and the Rugby (Football) League moving forward.
"I would like to thank the rugby league for their help and advice during this process and Simon Hustler of Charters Solicitors for his guidance.
"Finally, I would like to apologise to all the fans of Bradford Bulls for not being able to help, and wish you, any new owners of the club, success in the future."
The consortium made their own statement which read: "We would like to thank Chris for all his hard work over the past weeks, moving the club into a position where a transition can take place from Andrew and the previous board to new investors.
"We are sure it was a very difficult decision for Chris and we thoroughly understand and respect his reasons for standing down from the consortium at this time.
"Although Chris stepping down is disappointing, it won’t affect the resolve of the remaining group and we are hopeful of some positive news at the first fans forum tomorrow night.
"We look forward to speaking with all the fans who have managed to secure a ticket for either tomorrow or Wednesday nights fans forums."