A statement, issued on the official website reads: "Following lengthy negotiations we are now in a position to announce an agreement in principle for the purchase of Barnsley Football Club. This is subject to contract and approval by the regulatory bodies.
"The proposed sale, which we hope to conclude in the next week, gives the club the opportunity to come out of administration and comply with the requirements of the Football League and the Football Association.
"We would like to take the opportunity to thank the club's staff, players and fans for their support during this difficult period."