Eric Perez has been appointed interim chairman.
Bradford Bulls has confirmed the sale of shares has been agreed between the new consortium and the old shareholders.
The club has also confirmed that the restriction on signing players has now been lifted.
The RFL statement reads:
“The RFL can confirm that following the submission and agreeing of the Club’s operating budget for 2020 has been agreed. This means the element of Special Measures that restricts the registration of player contracts has been lifted."
As part of the sale, the new consortium has appointed Ottawa President, and founder of Toronto Wolfpack, Eric Perez as interim chairman.
Perez said: “It’s an honour to be working with an iconic brand like the Bradford Bulls.”
“I am here on an interim basis to facilitate the transition between the new ownership and the old regime.
“I have been given special dispensation from the RFL to take on the interim chairmanship as Hemel is dormant for the 2020 season, and this in no way undermines the Ottawa club that is slated to enter League One in 2021.”