Huddersfield Town: Former owner Dean Hoyle agrees repayment restructure
- Published
Huddersfield Town finished 20th in the Championship in 2020-21
Former Huddersfield owner Dean Hoyle has agreed to restructure the repayment of £34m he is owed by the club to help it through the coronavirus pandemic.
The Terriers reported a £8.2m pre-tax loss for the financial year to 30 June 2020, which covered their first year back in the Championship following relegation from the Premier League.
Lifelong fan Hoyle had been owed £45m after his sale to businessman Phil Hodgkinson in May 2019.
That debt has now been reduced to £34m.
However, rather than having to pay all but £10m by 31 August 2022 as initially intended, the club's latest accounts confirm this date has now been extended to 28 February 2025.
The first of four payments leading to the 2025 date is for £4m and is due on 28 February 2022.
It is understood the loans are interest free.
The final £10m will be repayable in two parts "on certain trigger events occurring".
Hoyle remains a director of the club, in which he retains a 25% stake.