Pascoe and Hagipantelis' group, Global Sports Management, confirmed the purchase of the team on Monday as part of their expansion into club ownership.
The Storm had owned the Lightning since their inception in 2016, with the NRL club having built strong ties to the Sunshine Coast with rugby league pathways.
They became sole owners in 2021, but are making clear moves to narrow their focus back on rugby league in Victoria.
Melbourne bosses announced last week all feeder sides would play out of the state from 2026, ending long-running associations with the Sunshine Coast Falcons, Brisbane Tigers and North Sydney Bears at year's end.
Part of that will include a bolstered up women's program, with the move coming the collapse of Super Rugby club the Melbourne Rebels last year.
"We have a strategic focus to invest in our core business, rugby league," Storm chief executive Justin Rodski said on Monday.
"We are working closely in partnership with the NRL to grow the game, invest in pathways, and strengthen our academies to support the next generation of male and female future Storm stars."
Meanwhile the purchase by Pascoe and Hagipantelis comes with GSM already having an ownership stake in the Newcastle Jets A-League club.
They are also co-owners of the Ottawa BlackJacks basketball team in Canada.
Hagipantelis was dismissed as Wests Tigers chairman in controversial fashion in 2023 after four years at the helm, following an internal review by major owners the Holman Barnes Group.
Pascoe then opted to follow Hagipantelis out of the club, after serving as chief executive since 2015.
The pair went into sports management together, with the purchase of the Jets last year as their first big move before acquiring the Lightning's license.
"To now have the opportunity to contribute to the growth of sport here, and to lead a franchise as special as the Lightning, is something I feel both excited and humbled by," Pascoe said in a statement.
"We want to acknowledge the Melbourne Storm organisation, who have done an outstanding job in establishing this club and setting such strong foundations.
"Our responsibility now is to build on that legacy."
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