The Rugby Football League revealed a consortium was considering a formal bid for the financially-troubled Bulls with a sale expected after Christmas.
That, however, has been rejected and the RFL and administrator remain in talks over the future of the club.
Bradford, who were last in Super League back in 2014, entered administration on 14 November.

The Czech world number 233 edged Estonia's 99th-ranked Kontaveit - who beat Britain's Heather Watson in the first round - 6-4 7-6 (8-6).
Vondrousova had beaten Czech compatriot and world number 18 Barbora Strycova in the semi-final.
Sunday's victory moves her close to the top 100 for the first time.
Croatia's Borna Coric saved five match points to defeat Germany's Philipp Kohlschreiber 5-7 7-6 (7-3) 7-5 to clinch his first ATP title at the Grand Prix Hassan II in Marrakech.
Coric, the 20-year-old world number 79, trailed 3-0 in the second set and 4-2 in the decider before he rallied to beat the third-seeded Kohlschreiber, who was bidding for an eighth title.

The comedy sequel earned more in its first weekend than the $65m that the first film pulled in over the course of its entire US run in cinemas.
Universal's Nick Carpou described the musical sequel's success as "amazing".
Directed by actress Elizabeth Banks, it marks the highest ever opening for a first-time feature film director.
"People loved the first movie and it resonated well beyond that $65m that the first film did," said Carpou, Universal's domestic distribution chief. "To be able to build on the first film and expand its popularity is pretty amazing."
The film sees Anna Kendrick and Rebel Wilson reprising their original roles, alongside newcomer Hailee Steinfeld, as the fictional a capella singing group The Barden Bellas.
The story sees the Bellas square off against German aca-champions Das Sound Machine in an international singing contest.
Tom Hardy's turn as the reinvented Mad Max - filling the shoes of Mel Gibson 30 years on - racked up $44.4m, having received positive reviews when it premiered at Cannes Film Festival last week.
"A lot of people coming to the movie went purely on the reviews," said Warner Bros' Dan Fellman, calling the film "an incredible ride this is that it's going to propel us right into the meat of the summer".
However the film remains a long way from profit. Pitch Perfect 2 cost a modest $29m to produce, while Mad Max: Fury Road carries a significant $150m price tag.
An offer for Championship club Bradford Bulls from a consortium has been rejected, report BBC Radio Leeds.
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Marketa Vondrousova, a 17-year-old qualifier, beat Anett Kontaveit in the final of the Biel Bienne Open in Switzerland to win her first WTA title.
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Pitch Perfect 2 has made an impressive $70.3m (£44.7m) debut at the US box office, surging ahead of George Miller's Mad Max reboot,  Fury Road.