The Rugby Football League says the decision to keep Bradford in the 2017 Kingstone Press Championship was the "least worst option" at their disposal.
The game's governing body has given the reformed Bulls the all-clear to continue under new ownership in the game's second tier, rather than start at the bottom in League 1.
The RFL's handling of the situation has been criticised in some quarters and chief executive Nigel Wood and chief operating officer Ralph Rimmer held a press briefing at MediaCityUK on Thursday, in which they explained their reasoning.
Andrew Chalmers, a former chairman of New Zealand Rugby League, and ex-Wigan, Manly and Kiwis coach Graham Lowe have set up a new company to run Bradford and they are expected to make a series of key announcements at a press conference at Odsal on Friday afternoon.
And Wood said: "This was the most convincing bid.
"There were at least two other groups who couldn't move quick enough but we are very happy to work with the new owners."
Rimmer added: "A rugby league experience was a big part of the decision.
"There is some capital investment as well but they have got a rugby league understanding, which was more compelling than anybody else in the race."
The new club will start the season at Hull KR on February 5. They will begin the campaign on minus 12 points and will receive central funding of just £150,000, as opposed to the £270,000 they were due before liquidation.
Rimmer admitted the possibility of promoting newcomers Toronto Wolfpack, who have a full-time squad in training for the start of their inaugural League 1 campaign was considered, but eventually deemed impractical.
"There was a lot of time pressures and the board had to take a decision," said Rimmer. "We had to be able to tell the purchaser what they were buying.
"All clubs in League 1 had contracted their squads and set themselves up for League 1 campaigns, and likewise in the Championship the fixture list was set up.
"There was a collection of players and staff who want to stay [at Bradford] and we had to take into account the 1,000 season ticket holders.
"The board has absolute discretion but took all these factors into account and had to make a decision quickly. This was the least worst option.
"We think we've taken a pragmatic view in the best interests of the game. You might call it a compromise but it was taken in the wider interests of the sport."