Championship rivals of West Brom and Birmingham City have ‘£40m debt written off’ amid takeover bid

Huddersfield Town have announced a North American group are poised to take over the Championship club “subject to legislative and governance procedures.”

The Terriers had been put up for sale after chairman Dean Hoyle decided to step back from his role as chief executive due to health reasons.

He initially took control at the John Smith’s Stadium in 2009, and oversaw the club’s promotion to the Premier League in 2017 as they beat Reading on penalties in the play-off final at Wembley.

In 2019, Phil Hodgkinson purchased a 75 per cent stake in the Terriers but after a number of his businesses went into administration at the end of 2021, he stood down as chairman in early 2022.

Hoyle returned to provide financial assistance, as he still held the remaining 25 per cent of shares. Huddersfield confirmed Hoyle has now acquired the 75 per cent of shares to allow a deal to go through.

A clubs statement read: “We can confirm that Dean Hoyle has completed a deal to acquire the remaining 75% shareholding in Huddersfield Town from Pure Sports Consultancy. As a result, Dean Hoyle now owns 100% of the shares in the Football Club.

“Simultaneously, Mr Hoyle has exchanged contracts with a North American group on a sale of the 100% shareholding in Huddersfield Town. Completion is subject to legislative and governance procedures.”

Huddersfield had been facing the threat of administration but Hoyle will reportedly write off around £40m which is owed to him as part of the takeover terms.

Hoyle will also continue to fund the club, for a reported price of £6m, which he will be repaid by the new owners once a takeover is fully completed.

The Terriers are nine points behind Birmingham City in the Championship table and faced a 12-point deduction if they entered administration.