"Bristol Rovers has been acquired by the eminent Jordanian Al Qadi family," the official twitter feed reported.
A news conference was told that Mr Al-Qadi was "a lifelong fan of English football" and that his family has bought 92 per cent of the club, which vies for supremacy in the south-western English city with Championship side Bristol City.
"This deal is all about my passion for football," he said.
"We really see the potential of this great club. We want to improve in all areas, not just on the field. We are here for the long-term."
Rovers, who have never played in the top division in their 133-year history, have shared the Memorial rugby union stadium since 1996.
A proposed move to a new venue has been delayed by lack of funds but may now be revived.
(Reporting by Steve Tongue; Editing by Toby Chopra)
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