Indian company Venky's on Friday completed its takeover of Blackburn Rovers.
In a statement, the club's board confirmed the sale of the Jack Walker Trust's 99.9% shareholding in the club to the company owned by Rao family of India. Venky's paid Â£23million for the shares, according to the statement.
"We are very pleased to be passing on the Rovers to the Rao family," said Paul Egerton-Vernon, chairman of the Jack Walker Settlement Trustees.
"We have been impressed with their enthusiasm for the club and their plans and ideas for future investment to develop it further as well as their wish and commitment to preserve the legacy of Jack Walker."