Blackburn have been purchased by the Rao family from India for about £43m.
Under the deal, BBC Sport understands Rovers' shares have been acquired for £23m with a debt in the region of £20m taken on by the new owners.
The trust set up by late former owner Jack Walker to own the club has sold its 99.9% holding to the newly formed company Venky's London Limited.
Trust chairman Paul Egerton-Vernon said: "We're very pleased to be passing on the Rovers to the Rao family."
He continued: "We have been impressed with their enthusiasm and their plans and ideas for investment as well as their wish to preserve the legacy of Jack Walker."