The One Direction singer has bought his hometown soccer club together with former chairman John Ryan following a number of appearances as a player in the League One side's reserve team.
The 22-year-old pop star - who was born and raised in the town in South Yorkshire and has been a life-long fan of the team - was rumoured earlier this year to be planning a takeover bid.
He has also played for the side during a fundraising match for the Bluebell Wood charity and against local rivals Barnsley F.C. in a reserve match.
The deal is said to have been delayed due to Louis' image rights, which are owned by his management team and would entitle them to a share of any money generated from the use of his image or name.
The team believe his ownership will increase interest in the club and are believed to have been battling for a share of any extra revenue made through merchandise and extra ticket sales.
Full details of the acquisition are expected to be announced at a press conference in London later today