Huddersfield Town announce American businessman Kevin M Nagle as their potential new owner after a US consortium agreed to take over the cash-strapped Championship side
Huddersfield has announced that its possible new owner is American businessman Kevin M Nagle.
The Championship club confirmed last week that they had reached a takeover deal with an anonymous US consortium.
Nagle is currently the owner of the California-based Sacramento Republic FC, which plays in the USL Championship.
A statement from the Terriers on Tuesday read: “Today we can confirm that the American businessman, investor and CEO and owner of the Sacramento Republic Football Club, Kevin M Nagle, is the potential new owner of Huddersfield Town, subject to legislative and governance proceedings.” .
When completed, the acquisition will end former chairman Dean Hoyle’s 14-year association with Town.
Huddersfield confirms American businessman Kevin M Nagle as its possible new owner
Huddersfield confirmed last week that they had reached a takeover deal with a US consortium
Dean Hoyle is understood to be writing off £40m to ensure the acquisition goes through.
Sportsmail exclusively revealed last week that, under the terms of the deal with US investors, Hoyle will write off around £40m owed to him by the Championship club that the new owners were unwilling to take on, avoiding administration and an automatic deduction of 12 points that leaves them 15 points from safety at the bottom of the table.
Hoyle has also agreed to continue funding Huddersfield until the end of the season at a cost of around £6 million while the takeover is finalized, on the condition that the new owners repay him that sum once it is complete.
The local businessman has invested more than £60m in Huddersfield during two terms in charge, but has agreed to walk away at a heavy loss to secure the future of his hometown club.
Hoyle acquired 100 percent of the club’s shares earlier this month with a view to selling them. He had stepped back as a short-term measure to save the club from administration after Phil Hodgkinson ran into financial difficulties.
Hoyle previously bought the club in 2009 before selling a 75 per cent stake to Hodgkinson 11 years later.
Neil Warnock is trying to keep Huddersfield, who are three points from safety, up
Huddersfield staff were informed of the planned acquisition last week after a hectic week of negotiations with three potential buyers.
Nagle said: ‘I am more than pleased to announce that I have reached an agreement with Dean Hoyle to buy a full stake in Huddersfield Town.
“As the approval process is already underway, there will be no further feedback until completion as we want to abide by that process 100%.
“However, I’d like to thank Dean for all his help and support along the way, and I can’t wait to meet and talk to the wonderful Town fans.”