The Bogota-based side -- which last season languished in the bottom half of Colombia's 'Categoria A' first division -- said they had been snapped up by the Tylis-Porter consortium.
Aside from Reynolds and Longoria, the group has the backing of a roll call of stars, including actor Rob McElhenney, baseball star Justin Verlander, actress Kate Upton and tech investor Scott Galloway.
Reynolds gained footballing fame by buying Welsh side Wrexham and transforming them from the non-league also-rans to celebrated FA Cup giant killers.
A fly-on-the-wall documentary, "Welcome to Wrexham" catapulted the team to international fame, building a new support base from fans around the world.
La Equidad's long-suffering supporters will hope Reynolds can pull the same trick again.
"Our new owners have committed to invest in key areas," the club said in a statement.