Championship side Barnsley have announced a takeover agreement with a consortium headed by Chinese billionaire Chien Lee.
The club released a statement on Tuesday, reporting that they had been in talks with the investor consortium over the sale of the club for several months before finally reaching a deal.
"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 Tykes announced.
"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."
Chien Lee and the Pacific Media Group purchased an 80% stake in French club OGC Nice last year, and the impact was immediate, as they finished third in Ligue 1, also qualifying for the Champions League.
“We are very excited to partner with the Cryne family and invest in Barnsley Football Club," said Chien Lee.
"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.”
The club will hold an official press conference at Oakwell Stadium on Wednesday, during which their new board will be presented to the media.