December 19, 2017 / 2:12 PM / 7 months ago

Consortium led by China magnate Lee completes Barnsley takeover

(Reuters) - An investor consortium led by Chinese businessman Chien Lee has completed a takeover of Championship side Barnsley, the British club’s owners the Cryne family announced on Tuesday.

FILE PHOTO - Chien Lee, founder and CEO of NewCity Capital, poses in Hong Kong June 22, 2016. Picture taken June 22, 2016. REUTERS/Bobby Yip

“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 said in a statement on its website (www.barnsleyfc.co.uk).

The consortium also includes American investor Paul Conway and Grace Hung of Pacific Media Group. Lee, founder and chairman of investment company NewCity Capital, purchased 80 percent of French top flight club Nice in June 2016.

No details of the Barnsley deal were released but Reuters reported in September that the consortium will pay 20 million pounds for a 98.5 percent stake in the club from owner Patrick Cryne, who is terminally ill.

Cryne said the new ownership has “all the synergies, skills and resources needed to make a success of the future.”

Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Susan Fenton

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