The former South African top-flight team have been competing in the third division since selling their status to Royal AM in 2021.
Club boss Max Tshabalala though is keen to see his team compete in the Betway Premiership and the club has signalled their intent to “obtain a professional status”.
Celtic announced their withdrawal with a statement on social media.
Phunya Sele Sele wrote: “We regret to inform you that Bloemfontein Celtic Football Club has taken the decision to withdraw from participating in the ABC Motsepe League 2024/25 season with immediate effect.
“In the best interest of the Free State province and football lovers in general, the club has taken the decision to dispose its name and trademarks to a suitable consortium which is best positioned to obtain a professional status that will see Bloemfontein Celtic Football Club resurfacing in the Premier Soccer League again.
“It is against the above background, although not limited to, that we apologise for any inconvenience that the above may have caused in the process.”
The unknown consortium is believed to now be positioning itself to purchase a top-flight status from a current Betway Premiership team, or a promoted Motsepe Foundation Championship side.