The first task facing the owners of the new Bradford rugby league club will be to appoint a head coach to replace Australian Rohan Smith.
Andrew Chalmers, one-time chairman of New Zealand Rugby League, and former Wigan and Kiwis coach Graham Lowe, got the go-ahead from the Rugby Football League to form a new club and met a 25-strong group of players, interim management and coaching staff after flying into the country on Tuesday.
The pair held another meeting 24 hours later with the 35-year-old Smith after which Chalmers said: "There were various points that both parties disagreed on and it was decided that both the club and the former coach of Bradford Bulls would not move forward together."
Smith, who joined Bradford on a three-year contract last May, had indicated his desire to stay on as coach after wholesale player departures but hinted at his departure on Twitter.
"Thanks @BfdBullsSG @BullsTrust @OfficialBullsRL fans for everything," he posted. "The club has been special since I was 14 & that won't change."
Lowe, a former Queensland State of Origin coach, said the club intend to bring in a proven successor.
Lowe, 70, said: "I fully understand the difficulties faced by the club and I know it has been a tough few months for Rohan. We appreciate all he did for the Bradford Bulls and the support he has given the playing group. We are focused on bringing in a new proven and experienced coach as soon as possible and that recruitment process is under way. We expect to provide an update shortly."
Smith, whose father Brian was head coach of the Bulls at the start of Super League in 1996, succeeded James Lowes eight months ago after securing a release from his job as assistant coach of Gold Coast Titans.
Smith, whose uncle Tony is head coach of Warrington, began his coaching career at the New Zealand Warriors and also had stints with Newcastle Knights, Penrith Panthers, Sydney Roosters and London Broncos before joining the Titans.
Along with the entire playing staff who had not been paid since November, Smith was made redundant on January 3 when the club was placed into liquidation when the administrators finally admitted defeat in their efforts to find a buyer.
Lowe said he hopes to tie up the remaining players on full-time deals within 48 hours before working on finding replacements for the eight seniors who have secured moves to other clubs.
Bradford, the four-time Super League champions, spent seven weeks in administration before going out of business and the RFL, who preferred the Chalmers bid to three others, have been criticised for their handling of the drawn-out saga.
Chalmers, who was involved in Marwan Koukash's takeover of Salford four years ago but is no longer a director of the Red Devils, said the club would honour the near 1000 season tickets bought by fans before the club entered into administration - for the third time in four years - on November 14.