The Championship outfit have announced that entrepreneur Feisal Nahaboo, founder of UK marketing and accountancy company Probiz, is to become their major shareholder with a "significant" investment aimed at turning Rovers into a top-six Super League club.
The cash injection, made with immediate effect, will be used for developing Rovers' stadium, strengthening the squad and expanding the club's youth development structures.
Nahaboo said: "It is a dream to be part of a team that will do everything we can do to enter Super League for the first time. We are the best outside Super League and I now intend to compete with the very best clubs in the UK.
"The funds are now there to build one of the best squads in rugby league and we will endeavour to spend and help improve stadium facilities over the next few months.
"We will build together in a sustainable fashion and we will show the world how we can have a say in UK sport and become a top-six rugby league side.
"A consortium will follow my move and I expect Featherstone Rovers to be a dominant force in rugby league in years to come."
Featherstone chairman Mark Campbell said: "This commitment from Feisal shows how far we have come as a club and business in the last few years.
"Everyone at Featherstone Rovers is now focused on our aim to secure a place in Super League at the end of the current licensing period.
"With this huge investment and Feisal's commitment to underwrite that, the club will spend up to the salary cap on entry to Super League and throughout a three-year licence I really think this will make us a viable asset to Super League."