Huddersfield Town must repay £35m to ex-owner Dean Hoyle before August 2022 having used parachute payments for Phil Hodgkinson takeover
- Lifelong fan Dean Hoyle guided the club from League One to the Premier League
- The 52-year-old sold his stake in the club to a local businessman Phil Hodgkinson
- Huddersfield have struggled since their relegation to second tier last season
Huddersfield Town used Premier League parachute payments to agree last summer’s takeover – leaving them behind a financial eight ball.
The Terriers published their accounts on Thursday, in which it was confirmed that former owner and lifelong supporter Dean Hoyle must be paid a minimum £35million over the next two years.
Hoyle relinquished majority control of the Championship club last May, handing over the reins to fellow supporter and local businessman Phil Hodgkinson.
Former Huddersfield Town owner Dean Hoyle must be paid at least £35m in the next two years
Local businessman Phil Hodgkinson (above) took control of Huddersfield Town last May
Rumbling fears that the deal was based on parachute payments after relegation from the top tier were confirmed on Thursday.
Hoyle, who bankrolled Huddersfield for a decade, is due £15m this summer, before two further payments of £10m over the next two years.
In the deal, Hodgkinson agreed to pay the 52-year-old a further £10m ‘subject to future events taking place’.
Hodgkinson maintained that the club – who also have a £31m bank loan to repay – will earn around £91m from parachute money over three seasons.
Yet the finance leaving the John Smith’s Stadium over the coming years will hit a whopping £66m and could go further. Unsurprisingly, manager Danny Cowley was given limited funds to strengthen his squad in January after being appointed earlier in the season.
Cowley, who made the switch from Lincoln City in September, has looked like steering the club clear of relegation to League One.
New boss Danny Cowley has looked like steering the club clear of relegation to League One
That task looked relatively impossible when he took over after a disastrous start under previous coach Jan Siewert, losing eight of their first nine matches.
Sportsmail understands Huddersfield were keen on offloading some of their higher earners in the January transfer window in a bid to alleviate financial problems. Aaron Mooy was the only big-name departure, making his loan move to Brighton permanent for £5m.
It is believed one team in the Premier League’s top half enquired about the prospect of landing Mooy but his opening-day appearance for Huddersfield curtailed that as a player can’t represent more than two clubs in a single season.
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