"I can explain some of the events that have led to today's announcement. The club was running into a financial position that was less than comfortable and it became clear that cash had to be injected.
New chairman praises Patrick Cryne and Peter Ridsdale
"I can explain some of the events that have led to today's announcement. The club was running into a financial position that was less than comfortable and it became clear that cash had to be injected.
"That cash was not forthcoming and as ever we have had to look to Patrick Cryne and, as ever, he has saved this Club. Patrick deserves absolute credit and a medal for what he has done for this Club. He has again dug deep into his own pocket for Barnsley Football Club.
"Peter Ridsdale was the Chairman and owned the Club 100 per cent. Peter did not and does not want to work or operate in a club or company where he had less than 50 per cent of the shares. I can understand that and he felt that it would be better if he left and a new regime took over. Ultimately that was Peter's decision but there was certainly suggestions from the Board that issues should be addressed sensibly and honourably. That was done.
"No-one can say that there was any financial mismanagement. People can talk in terms of profit and loss every day but at the end of the day cash is a fact. When you are running out of cash then you have to address the problem. That has been done and the money is now in place and we will go on from there.
"Peter Ridsdale has done a great job here in the last year and has given this Club a high profile. We thank David Walker and Peter for that but maybe it is time for them to put this behind them and get on with things. We wish both of them well in the future.
"Any negotiations will include points of debate. We had our points of debate where things were given and yielded by both sides.
"It is true that the Club had a shortfall of £1m for the rest of the season. That money is there now and has been put in by Patrick. The shortfall came from overspending in budgetry terms. We had a budget set earlier this year that just has not been met. There are some instances of cash being required for past players but some of that was in the budget. In all businesses things do crop up - and that is not a problem with the previous regime.
"We are pretty much on budget in terms of players but in any business there will be areas of overspend and under spend. There are areas where we have spent too much and areas where we have not raised enough and the two compound the effect. You get under income and over spend and then you have a macabre principle.
"The non executive directors have been asking for figures showing where we were going. We wanted assurances for the future. Peter owned all the shares and we were just non executive directors so therefore we could only advise. We have been given advice but were assured that things were going ok.
"I bring commercial understanding, enthusiasm and a deep, deep passion for Barnsley Football Club and I am really looking forward to the challenge".