A consortium headed by Chinese billionaire Chien Lee of NewCity Capital and Pacific Media Group, which is led by Paul Conway and Grace Hung, has taken a majority stake in Barnsley FC, a second-tier English football club.
The consortium, which also included Neerav Parekh and former Major League Baseball (MLB) player Billy Beane, will end Patrick Cryne’s 13-year ownership. The English Football League (EFL) has approved this takeover.
Although the financial terms of the deal have not been disclosed as of now, but the Financial Times estimates that the takeover is valued between £10 million and £20 million.
In June 2016, Lee also bought 80% stake in the top-tier French soccer team Nice, where he became the co-owner of the club alongside Conway.
The new deal will see the pair become co-chairman at Oakwell, the home court of Barnsley.
Proofread by William Logsdon