Bristol Rovers have announced that current co-owner Hussain AlSaeed will acquire the 45% of the club owned by Wael and Samer al Qadi over the next 18 months.

Kuwaiti businessman AlSaeed purchased a majority stake in Dwane Sports, the holding company of the League One club, in the summer of 2023.

Rovers said in a statement that AlSaeed will “provide all funding to support the club’s ongoing operations and development” during the acquisition period.

The Al Qadi family has been involved with the club since 2016 and Wael al Qadi will serve as club president until the deal is completed.

As part of the club statement, Al Qadi said to Rovers supporters: “To my dear Gasheads: your passion, commitment and love for this football club is unrivalled in English football.

“Thank you for welcoming me and my family into the club and for all the wonderful memories we created together. We experienced many ups and downs together and I know you saw me as being all-in – trying the best for you and the club.

“This is never a goodbye, as I am one of you now, a Gashead forever… see you on the terraces.”

Rovers chairman AlSaeed added: “I want to personally thank Wael and Samer for their contributions and for helping to ease the transition during this takeover.

“Their support has been invaluable throughout and they will always be a part of the Bristol Rovers family.

“I am excited and proud to lead the club into a bright future, building on top of the strong foundations that have been established.”

Rovers, who are 14th in League One, play away at Mansfield on Saturday.