The club has been acquired by the Jordanian Al-Qadi family.
The eminent Al-Qadi family have taken a 92% shareholding in the club.
As part of the deal Wael Al-Qadi will become President of the League Two club.
The former Chairman of Swansea City, Steve Hamer, will become the Football Club’s New Chairman, replacing Nick Higgs, who will step down.
Current Board members, Barry Bradshaw, Nick Higgs, Chris Jelf, Colin Sexstone and Ed Ware will stand down from the board, although Supporters Club Directors Ken Masters and Brian Seymour-Smith will remain board members.
The exiting equity directors have all been made Life Vice Presidents.
Former Chairman Nick Higgs said: “I sincerely believe that Bristol Rovers can count itself as being very fortunate to attract the interest of Mr Al-Qadi and his family.
“This club and the region deserves to have considerably more prominence on the football map. We know that Wael and his advisors had looked closely at other clubs, but they explained to us that they were drawn to Rovers because of the massive potential the club has, both on and off the pitch.
“I believe the current board have laid the foundations for future success of the club with the work we have done on the new stadium.
“The board promised the fans on many occasions, that it would only agree to the sale of the club if the right suitor came along.
“We have had numerous discussions with interested parties over the past few years, but none have been considered by the board to be acceptable and as custodians of the club, we had to be sure it was in the club’s best interests, to proceed with any potential investors, or a new owner.
“However, we now feel the current deal is right for the club and I am very excited at the prospects for the club under its new ownership. “We first started talking in September 2015, and Wael has demonstrated to the board from the outset that he was here for the long haul and was ambitious and had the resources to take the club to levels it has never reached.”