Geoffrey Richmond's rollercoaster reign at Bradford City is over. The man who took the Bantams to the Premiership revealed today that he is quitting the club.

Mr Richmond told the Telegraph & Argus of his decision after he failed to attend today's crucial meeting of the Football League to decide whether to accept the club back into Division One.

Negotiations are now at an advanced stage to make Flamingoland theme park boss Gordon Gibb the club's new chairman after he was last night appointed a director of Bradford City Holdings Ltd and Bradford City Football Club.

Speaking exclusively to the T&A, Mr Richmond said: "Negotiations are ongoing with him and are at an advanced stage with a view to him taking over as chairman of Bradford City Football Club and becoming 50 per cent shareholder.

"These negotiations are subject to a successful outcome of the meeting at the Football League and these negotiations are expected to be completed by Thursday of this week and I will at that stage depart from Bradford City Football Club.

"I believe that the supporters of this club are split and I believe that while I am here the fans will remain divided.

"I don't believe that would be good for the club going forward. I have always said if such a day arrived when I lost the confidence of a significant number of the supporters of this club that it would be the right thing for me to walk away. I believe that time has now arrived."

A delegation of Bradford City officials were anxiously waiting to be called before the Football League Board at the Radisson Hotel in central London after the meeting started.

The group included the club's chief executive Shaun Harvey and directors Julian and David Rhodes.

A group of City fans held a peaceful demonstration outside the luxury hotel from 9am.

But the club's future remained uncertain after two members of the Football League, chief executive David Burns and chairman Keith Harris, resigned before the meeting began.

Both men had been under increasing pressure to quit since August 1 when a High Court judge ruled Carlton and Granada were not liable for the £178.5million owed to the League by their now defunct joint venture ITV Digital.

Mr Richmond's decision to quit came amid speculation that City could have difficulties persuading the board to readmit the club while he remained chairman.

Chris Hawkridge, chairman of the Bradford City Supporters' Trust, said he hoped Mr Richmond's decision would persuade the Football League Board to accept the club into Division One.

"We feel we now stand a better chance of convincing the Football League to let us remain by presenting a new chairman to the board," he said.

"But we always must remember that Geoffrey Richmond was the man who took us to the Premier League.

"We now look forward as a trust to working with the new chairman and the new board."

Fellow supporter Margaret Hainsworth said: "I'm hopeful we will be okay. I am here representing those supporters who couldn't make it today. I will be so relieved if the decision goes the right way for us but I think we're all a bit anxious until we know the outcome."

David Rhodes would not comment on Mr Richmond's decision.