Mr Cryne had been battling cancer since November 2016, which saw him accelerate his search for new investment at the club.
He sold the club last month to an investor consortium led by Chien Lee of NewCity Capital and Pacific Media Group, which is led by Paul Conway and Grace Hung.
It brought to an end his 14 year ownership which started in 2003 when the club were experiencing severe financial difficulties.
He initially became involved at Oakwell when his iSOFT company became the main sponsor and he soon began investing in the club.
Barnsley-born, Mr Cryne oversaw an eventful period for the Reds which culminated in their return to the Championship as well as creating one of the most highly-respected Academy systems outside of the Premier Leagye.
Mr Cryne wrote to supporters last September, saying he was 'living on borrowed time' and thanked them for their 'kindness down the years.'
A statement from the club read: "Mr Patrick Cryne will be deeply and sadly missed by everybody connected to the Club and we are all sending our deepest condolences to his wife Jean, son James and the rest of his close family.
"Born and raised in the town of Barnsley, Mr Cryne’s earliest footballing memories date back to over 60 years ago where a first appearance at Oakwell with his Uncle Ernest caught the imagination, allowing for a lifetime of dedication to Barnsley Football Club in any way possible. This dedication and love, truly earned Patrick the tag as ‘one of our own.’ "