Can't say I'm surprised. It was pretty obvious given the huge funding gap that was identified in the £75m scheme.
Moving to Valley Parade is the only alternative now, unless a viable way can be found for us to stay at Odsal. What happens with Valley Parade though? Doesn't Gordon Gibb still own it? It wouldn't be so great to have Bulls and City paying huge amounts of rent to play there. Also, the branding of the place would need to change and the concourses would need to feel less prison like (they are in the Kop anyway) for it to feel like a home for the Bulls!
The Bulls leaving Bradford would be pretty dumb, even if it was to Halifax and not to the other side of the country a la North American sports franchises.
As an outsider, its an another kick in the nads for the city of Bradford...