Heckingbottom will be hopeful of January transfer fund boost following Barnsley takeover

Chinese investor Chien Lee yesterday concluded the deal with long-time owner Patrick Cryne to herald a new era at Oakwell after months of discussions.

Football League approval has been granted to the group, which includes American business partners Paul Conway and Grace Hung, plus American baseball pioneer Billy Beane.

The presence of Beane among the new Reds’ hierarchy adds an intriguing aspect to the takeover, the 55-year-old having used statistical analysis to identify under-valued talent during his time as general manager of Oakland Athletics. It transformed the club’s fortunes despite having one of Major League Baseball’s smallest budgets and a book was written about how Beane turned round the A’s that later became the 2011 film Moneyball starring Brad Pitt.

It remains to be seen what role Beane will take at Barnsley with a press conference to introduce the new owners scheduled for this afternoon.

A club statement read: “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 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.

“We are delighted to further announce that Mr Lee, Mr Conway and Ms Hung joined the Reds in the directors’ box at (Brentford’s) Griffin Park on Saturday, showing their support to Paul Heckingbottom and his players, along with all staff and fans connected to Barnsley Football Club.

“The club would also like to welcome Neerav Parekh and Billy Beane, who will also be investing in Barnsley Football Club with Mr Lee and Pacific Media Group.”

Lee, who bought 80 per cent of Ligue 1 club Nice in 2016, previously tried to buy Hull City from the Allam family. He was seen at a Tigers’ Under-23 game with vice chairman Ehab Allam and former chairman Paul Duffen, but the deal later stalled.

With Barnsley enduring a slump in form during recent weeks, the takeover should provide a timely boost for manager Paul Heckingbottom.

Lee and Conway will become joint chairmen at Oakwell and are looking to make a similar impact to the one enjoyed on the Riviera.

Conway, also a shareholder at Nice, 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.”

Cryne, who revealed he was suffering from terminal cancer in September, had been at the helm since 2004.