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Huddersfield release statement after being in dire need of takeover to avoid administration

Huddersfield Town release a big much needed statement after being in dire need of a takeover to avoid going into administration.

After an eleventh hour takeover, the Terriers have agreed to be purchased by an American consortium.

This is in order to avoid being placed into administration, which would have led to a points deduction that put them at huge risk of going down.

Chairman Dean Hoyle will write off approximately £40million he owes to the Championship club.

This is in order to prevent administration and a 12-point deduction, which would have left them at the bottom of the table.

Hoyle also agreed to fund Huddersfield for the remainder of the season at around £6m, while the takeover is completed. However, he will be repaid the money by the new owners after it is complete.

Local businessman, who has made more than £60m investments in Huddersfield over two terms of his tenure as manager, has decided to step away with a significant loss to ensure its future.

After a hectic week of negotiations with three possible buyers, Huddersfield staff was informed of the planned takeover.

The agreement was quickly reached, luckily avoiding being placed into administration by the EFL’s deadline.

Huddersfield had been suffering from a cash flow problem and completely dependent on Hoyle’s generosity, so entering administration was an inevitable step unless they had got this takeover.

It was vital to get the takeover done by the deadline, as none of the potential buyers would have wanted to start next season with points deduction.

Neil Warnock’s team could yet still face being relegated into League One, but now fans can breathe a little easier knowing it’s down to the action on the pitch that matters without this potential deduction glooming over them.

They are currently three points away from safety with eight matches left to play out of the Championship season.

Hoyle bought the club back in 2009 after financial difficulties and led them to club to the Premier League eight years later.

Hoyle initially took over in 2009 before selling the club to another fan in Phil Hodgkinson, after 11 years.

He returned in 2021 to provide funding due to Hodgkinson’s financial difficulties, stepping down as chief executive on medical advice in 2022.

Hodgkinson lost control of the club last year after his legal businesses failed. He also defaulted on Hoyle’s staged payments. Since then, he has been seeking a buyer.

A number of sides with financial problems loom in the Championship relegation battle.

Wigan, bottom, has already been docked 3 points for failing to pay its players this month.

CLUB STATEMENT:

A statement from Huddersfield Town on the Club’s ownership

Huddersfield Town can today (23 March 2023) issue an update on the Club’s ownership.

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.

We will give more information to supporters as soon as these procedures have been completed.

Once again, we would like to thank fans for their continued patience and support.

This is how fans reacted as Huddersfield release a statement after being in dire need of a takeover to avoid administration…

@JoeKelly14: Pre season in vegas lads

@FelixMitchell1: brilliant news, now lets fight on the pitch and keep this club in the championship! UTT! 💙🤍

@georgebatesy: I LOVE YOU DEAN HOYLE

@jordanrammy: Wow wasn’t expecting this news Happy days

@richardfurnival: Obviously you never know what you are going to get with new owners, but what a huge breath of fresh air this feels like! And if this saga went into next season who knows where things could have gone. Reckon we’ll get Jesse Marsch in as manager next year? 😁 🇺🇸 #htafc #UTT

@MightyMillers20: No admin needed for huddersfield. big relief for their fans

@htafc_ben: It’s what the club desperately needed. Potentially exciting times ahead. Now the fans have got to get behind this team more than ever. We must stay in this division. 🇺🇸🔵⚪️ #htafc

@teaton73: FIGHT AND WINNNN 🇺🇸🇺🇸🇺🇸

@Sljackson95: Let’s hope we can pull a few wins out of our arses and stay up. Write this season off as a bad one and start a fresh 🤞🤞🤞

@Jack_Nattress: Introducing Ted Lasso as the new manager of Huddersfield Town for the 23/24 campaign

@ajsfad: New beginnings? Thanks to Dean Hoyle for an amazing journey, I don’t subscribe to the Hoyle hate, he signed off once and clearly didn’t want to come back in but had to. Hopefully a fresh start #utt #htafc

@HTAFCStan: And the wait is finally over. Excited for the future with new owners and by the sounds of it, they are pretty minted as well. Let’s hope they spend wisely and move the club forward. Welcome Americans!!! #htafc

@GingerOgre: Will be interesting to see how this plays out long term as United and Liverpool have had issues with their American owners. The devil may be in the detail. For today at least it seems the situation is sorted and #HTAFC can focus on trying to stay in The Championship.

@KrissyA_20: Well, this is what a lot of us have been pleading for… better late, than never. It won’t have any bearing on how we finish this season off, but let’s hope we aren’t starting next year off in League one #htafc

@Marcus_19: Well done Dean on finally getting rid of that fucking helmet from our football club. Phil Hodgkinson you’re a grade A prick and I hope you rot. Onwards and upwards but thanks for everything Mr Hoyle 🔵⚪️💙🤍

@BrandanHopper1: Thank the lord, bye bye Dean. Goodbye and never come back. The club needs gutting from top to bottom and start again

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