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"This deal will ensure the survival of Barnsley Football Club and means we can all look forward to a bright and successful future at Oakwell.
"The consortium have confirmed that finances will be made available to strengthen the squad for the new season with certain players already targeted".
Gudjon hopes this time he can be even more successful than he was at Stoke City - and he would be part of the management team together with ex-Reds legend Ronnie Glavin, who is currently manager of Unibond side Wakefield and Emley.