The duo plan to bring together football, music and crowdfunding fans through Crowdfunder as they look to “secure the club’s position at the heart of the local community”.
The Trust will enable the club's supporters to obtain direct ownership of up to 5% of Doncaster Rovers and will prioritise capital spend so the club can build a high quality playing squad.
Tomlinson said: “For me, this is all about the football, the community and restoring the excitement and desire to making Doncaster Rovers the most exciting club to play for in Yorkshire.
"I grew up in Doncaster and have felt the love for football run through the town, it's for that reason that I have a real personal passion to make Doncaster Rovers a success story. I want to see the Doncaster Rovers' supporters get the club the success it deserves.
"This is a big step which I believe will open up opportunities to provide a very, very exciting future for the club and its supporters."
Former chairman Ryan added: “By setting up the Trust, launching the crowdfunding campaign with crowdfunder.co.uk, and putting our own money in, we are making it clear to Doncaster Rovers supporters, and the general public, that we are planning to give the club the support and resources it needs.
"As its previous chairman I am still totally committed to developing an exciting future for the club. The objectives of the trust provide a roadmap to make the club an even greater success.
"I am very pleased to join forces with Louis to make this happen. It’s an exciting moment for Doncaster Rovers."