The investor consortium, led by Chinese-American Chien Lee, interested in a stake in Brentford earlier this year have taken over Barnsley.
NewCity Capital and Pacific Media Group had spoken with Matthew Benham about a 50 per cent stake in the Bees but a deal subsequently fell through.
Discussions had also taken place with the Tykes about a takeover at Oakwell and the Yorkshire side announced a deal earlier this afternoon with Lee taking the role of co-chairman.
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.”
Paul Conway is the other co-chairman and he is a director at French club Nice, which is also owned by Lee.
Conway added: “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.”
Billy Beane, general manager of the Oakland A's who inspired the film Moneyball, is also going to have a stake in the club.
