The Reds Head Coach spoke to the press for the first time since yesterday's change in ownership.
"It's exciting times," he told the gathered media at Oakwell.
"Yesterday was a massive day for this football club. Probably the biggest day since Patrick himself took over. You can lose players, staff but an owner is probably the most important figure at a club. So it's a new era, new ownership, it's the start of a brand new chapter in the history of our club.
"This has been six months in the making and I'm really pleased that this has happened and I have to thank Patrick and the Cryne family for everything that they've done for the club.
"The new owners are fully behind what we're doing here, and with their support and their ideas in certain areas, I can only see this being the right deal for Barnsley Football Club.
"It's exciting times for us now, however, we're not now going to go out and start splashing cash. It's got to be a gradual thing where we build from the bottom up before reinvesting. It will though, enable us to hold on to our better players moving forward, to build a team that can be successful for Barnsley, not for the benefit of other clubs or the players alone."
Watch Paul's press conference video in full, for free, over on iFollow.