The group will officially take over the running of the club on Tuesday after a recommendation by Examiner Neil Hughes was accepted by High Court judge, Mr Justice Frank Clarke.
The new owners will spend €325,000 to write off the club's debts of €3million after creditors accepted their proposal and complete the Examinership process, while a further €100,000 will be spent on the running of the club over the rest of the season.
To move the club forward the wage bill must be reduced from €15,000 per week to €10,000 by either cutting the players wages or reducing the size of the squad.
400 Club chairman Jonathan Roche said: "We're very happy. It's been a long arduous road but now we're on a new road. It will be a lot of hard work but we all believe we can see it through and make Rovers great again."
"The players are taking a hard knock because some of them will obviously have to take pay cuts so we can get the wage bill down to €10,000 gross. They're all free agents now."
A number of departures is expected in the coming weeks with Pat McCourt's signature coveted by Derry City and Drogheda.