Potential Barnsley FC buyer Chien Lee had a brief conversation on Saturday with Paul Heckingbottom who says the Chinese billionaire's presence at Oakwell is a 'good sign' that the takeover is still on course.

Lee was in the Oakwell directors' box as the Reds lost 1-0 at home to Hull City, sitting between current owner Patrick Cryne, who has terminal cancer, and Cryne's wife Jean. The deal was initially expected to be completed a month ago but is yet to be finalised after recent complications.

Heckingbottom said: "I saw him briefly as we left. I spoke to him for 30 seconds to a minute just about the game. I would say it is positive that he was at the game."

Heckingbottom spoke last week of his frustration at not being able to plan for the January transfer window or make new contract offers to first team stars as the club is 'standing still' while the sale negotiations take place. This week he declined to comment further.

Lee, who made his fortune with the Plateno Group hotel firm and the investment company New City Capital, has enjoyed success with French top flight club Nice after becoming their majority shareholder last year.

He brought in American businessman Paul Conway – who has helped to fund films such as The Matrix – to the Nice board and the pair are attempting to team up again to take over Barnsley along with baseball legend Billy Beane.

The consortium are understood to be trying to buy a 98.5 per cent share in the club with the remainder staying with James Cryne, the son of Patrick.