Barnsley Football Club have announced that they have been taken over by the consortium which has been in negotations to buy them for much of 2017.

Patrick Cryne, who has owned his hometown club for more than a decade after saving it from possible extinction, has sold to a consortium headed by Chinese billionaire Chien Lee and US film financer Paul Conway who are now co-chairmen. Conway's business partner Grace Hung is also an investor as are Neerav Parekh and baseball legend Billy Beane. 

The club have also announced a press conference at Oakwell from 2pm tomorrow which will be attended by Lee, Conway, Hung and chief executive Gauthier Ganaye and in which they will lay out the exact structure of the new ownership. 

While it is unknown how much money the new owners will give head coach Paul Heckingbottom to spend on new players, the deal comes at a good time for the club with the January transfer window set to open in less than two weeks and Barnsley currently 20th in the Championship on a seven-match winless run. The Reds boss is expected to sign a new contract soon. 

A club statement said: "The Cryne family have been in discussions regarding a potential takeover of Barnsley Football Club for the last few months with an investor consortium led by Chien Lee of NewCity Capital and Pacific Media Group, which is led by Paul Conway and Grace Hung.The best interests of Barnsley Football Club and its fans have always been at the forefront of everybody's minds and the Cryne family is now happy to officially announce that a deal has been agreed between all of the parties.

"The Club have gained English Football League approval for the change in majority shareholder and our new shareholders have now taken up their positions on the board of Barnsley Football Club. Patrick Cryne believes that the new ownership has all the synergies, skills and resources needed to make a success of the future of Barnsley Football Club.

"The purchase of a football club at any level is a long and complicated process which requires a high level of confidentiality, therefore we appreciate all the patience and cooperation from our fanbase. We would like to thank the English Football League for their cooperation and help during the completion of this process."

Ganaye added: "We would like to thank every member of our loyal fanbase for their patience and continued support over recent months. An exciting chapter is opening for Barnsley Football Club and we are looking forward to the future together."

Co-Chairman Chien Lee said: "We are very excited to partner with the Cryne family and invest in Barnsley Football Club. The Cryne family have exhibited spectacular leadership building Barnsley Football Club over the last 14 years and we are excited to join them to further the growth of the club."

Co-chairman Paul Conway said: "Similar to our investment in OGC Nice, we expect to further enhance the academy, playing squad, commercial operations and fan experience of Barnsley Football Club. Barnsley has some of the most passionate fans in England and we look forward to meeting many of its supporters in the upcoming weeks."

Full coverage in Friday's Chronicle.