Reds owner Mr Peter Doyle released the following statement to the Official Barnsley Website today following fans concerns regarding the lack of new investment and the clubs failure to emerge from administration.
Mr Doyle said: "We are still in discussions with our investor and hope to be in a position to make an announcement soon.
"These talks are complicated and delicate because of the amount of money involved and it would be unprofessional to make any disclosure until it is signed, sealed and delivered. However, the discussions are at a very advanced stage and I would hope that they will reach a conclusion in the near future.
"This investment is critical to the survival of Barnsley Football Club. Without it the club will close so I think you can see the seriousness of these talks and why I am not going to do anything that would derail them".
He added: "We are still in talks with the Football League and have provided them with all the information they require. We are awaiting their response.
"When these issues are resolved the club will be in a position to bring in new players but within certain financial boundaries that will ensure we do not end up in the same mess again. The old practice of having one pound and spending two will not happen under my stewardship".