As revealed by Fairfax Media on Monday, Edwards told the club he needed to return to his multimillion-dollar scrapbook company in Queensland after one of his business partners fell ill.

It's another off-field blow to the Brumbies as they scramble to find a major sponsor in time for the start of the Super Rugby season and will announce a record financial loss of more than $700,000 at their annual general meeting next week.

The Brumbies have started a wide-ranging search for Edwards' replacement and hope they can fill the position as soon as possible. The season begins in February.

Edwards was appointed as an interim chief executive in February and agreed to a two-year contract in August, focusing on resurrecting the Brumbies' financial woes.

"I worked hard to get the governance of the place right and I think we're in a lot better place than we were 12 months ago, apart from money," Edwards said.

"Now is the time to address it and really push forward. I think the place is going really well, it's just the issue of getting the naming-rights sponsor and away they'll go.

"I'm confident the [Super Rugby] broadcast deal for 2016 will really help a lot of the business as well.

"There's a lot of talk around, but the Brumbies are an iconic Canberra brand. I'm not finishing up today, I'm still working with the guys to identify a sponsor and as long as the board needs me."

Edwards' decision to leave comes almost exactly a year after Andrew Fagan announced his shock resignation after more than a decade at the club. Fagan is now the Adelaide Crows' chief executive.

The Brumbies have reported financial losses for the past four years, despite the multimillion-dollar sale of their Griffith headquarters and a new $16 million base at the University of Canberra.

Edwards is optimistic about the club's future, despite losing two chief executives, coaches Jake White and Laurie Fisher and captain Ben Mowen in the past 14 months.

"Had we not sold the Griffith property we might have been in some dark places. But there opportunities there now where we can solidify ourselves," Edwards said.

"One of the things I was employed for was to identify the issues in the business and tidy it up, which I think we've done.

"I'm quite comfortable the Brumbies are heading in the right direction and the next person will put their stamp on it."

Australian rugby has been crippled by financial drama in recent years and the Brumbies are feeling the pinch of a tight market.

They are still looking for a major financial backer to replace the University of Canberra as their naming-rights partner and they are expected to report a loss of more than $700,000 in their annual report.

The ARU has also cut its funding to Super Rugby teams, leaving a financial hole of more than $500,000 in the Brumbies' budget which is set to affect community rugby and junior rugby fees.

Brumbies chairman Sean Hammond has already started the search for a new boss and the club views a replacement as an "urgent matter".

"Doug has given 10 years of service to the Brumbies and it was fantastic to have him step up into the role of CEO almost a year ago," Hammond said.

"In that time Doug oversaw the club move into its new home at the University of Canberra, the re-signing of 16 players and the coaching restructure which now sees Steve Larkham as the head coach.

Edwards will return to Queensland to work for his company, Craft Online, after stepping back from day-to-day operations to focus on the Brumbies.

His business partner has had two eye operations in the past 12 months and is now legally blind. Edwards and his other partners will buy out the share.

"We hoped he would come good. He has made the decision he needs to get out," Edwards said.

"It is with a heavy heart that I tender my resignation from the Brumbies. It's been one of the most exciting years of my career, but with so much happening off the field for me personally, I won't be able to continue on in my role as CEO.

"I have informed the board that I'm happy to stay here for as long as is needed until my replacement has settled in."

The former Prime television boss has been a member of the Brumbies' board for the past 10 years.