The Reds are now owned by the town's mayor Peter Doyle, according to administrators RSM Robson Rhodes.
The formal completion of the sale took place at Oakwell today.
In a statement on the official site, administrator Matt Dunham said: "Following a lengthy completion meeting the relevant documents were finally signed effecting the transfer of Barnsley Football Club to Peter Doyle."
The Reds new owner has already come in for criticism from fans for retaining John Dennis as Chairman and many were hoping for a last minute bid from Patrick Cryne of Isoft.