Omar Khan is to quit Bradford Bulls just over a year after saving the Super League club.
The Bradford restaurant owner rescued the Bulls from financial ruin when he and local MP Gerry Sutcliffe, a former Sports Minister, bought the club from administrators in September 2012.
Now both men are to step down, along with fellow director Vipin Joshi, paving the way for new ownership.
Khan, who last month released a substantial sum from his property portfolio to raise funds to pay the players' wages for July, has cited ill health as his reason for quitting the club.
General manager Ryan Whitcut and local businessman Mark Moore will take over subject to approval from the Rugby Football League.
In a statement, Khan said: "Following an exciting year, it is sad that due to ill health, I intend to hand over the reins to new owners, Ryan Whitcut and Mark Moore of Bedzrus, subject to RFL approval. Ryan and Mark both share the same passion as I do for the club.
"My objective, together with Gerry Sutcliffe MP, to move the club from the threat of extinction has been achieved and I have spent every single day for the past year at the club in order to reinvigorate it and bring it back to life.
"A lot of hard work and investment has gone into Bulls and now it's time to ensure the longevity of the club, which is part of Bradford's heritage. The club is in a much stronger position and the time is now right to move it forward.
"Bradford Bulls will always be part of my life and I will never forget the kindness, loyalty and friendship shown to me and my family by the supporters and everyone involved at the club.
"I would like to thank all the board of directors who have worked tirelessly with me to save the club and can confirm that Gerry Sutcliffe MP and Vipin Joshi also intend to step down as directors."