Barrow Raiders chairman Des Johnston has accepted responsibility for the Rugby Football League-imposed six-point penalty for a breach of the salary cap.
A club statement said lower gate receipts were a factor, while important community work was not taken into account after administrative errors.
"The buck stops with me, there will be no witch-hunt at the club to try and apportion blame," Johnston said.
"Mistakes made were honest mistakes by individuals trying to do their best."
Johnston has enjoyed success at Craven Park during his spell as chairman, with the club crowned Championship Grand Final winners in 2009, although it was during the 2010 season that Raiders breached the cap and operational rules.
The RFL allocate a salary cap to clubs based upon attendances, income and revenue streams, although community work with schools and local clubs can be off-set against that figure.