The Rugby Football League (RFL) has reached an agreement with an unnamed consortium to create a new professional club in Bradford.
Four-time Super League champions Bradford Bulls entered administration in November and went into liquidation this month after failing to secure new owners.
The RFL assessed four bids to create a new club in the area and confirmed the outcome on Friday.
As previously communicated, the team will begin the 2017 Championship season on minus 12 points.
RFL director of operations and legal Karen Moorhouse said in a statement: "The last few weeks have been extremely difficult for all those involved, particularly the former players, staff and families of Bradford Bulls.
"They have conducted themselves with complete professionalism and integrity throughout this period.
"The RFL is confident that the consortium selected to run a new club in Bradford will provide an exciting and stable future for rugby league in the city.
"They outlined a strong vision, have relevant and extensive experience and we are confident that they offer the best opportunity to take a new club forward.
"We have always said that the city of Bradford needs and deserves a rugby league club that it can be proud of and we believe this new club can deliver that."
Reports suggest former New Zealand Rugby League chairman Andrew Chalmers, who previously served on the board of Salford Red Devils, heads up the successful consortium.