BARNSLEY’S majority shareholders have reportedly failed in a bid to add to their footballing portfolio after an offer to purchase Spanish second-tier side Real Valladolid was rejected.
Chinese-American billionaire investor Chien Lee and US entrepreneur Paul Conway - who head the consortium which bought an 80 per cent stake in the Reds late last year - had targeted a move for Valladolid, but have seen an offer of £13.4m turned down, according to reports. Valladolid are currently in 10th position in the Segunda Division.
Lee, the founder, chairman and CEO of NewCity Capital - a private investment company operating in hospitality, consumer retail, sport and property - and Conway, co-founder of the Pacific Media Group, purchased 80 per cent of French Ligue 1 outfit Nice in the summer of 2016, ahead of their successful takeover move at Barnsley.
Lee is chairman at Nice, with Conway being a director.
The pair are co-chairmen at Barnsley, with their consoirtum also including Grace Hung, Neerav Parekh and Moneyball baseball pioneer Billy Beane.
The Cryne family retain a 20 per cent shareholding in the club.