Huddersfield Town have been saved from administration after an 11th-hour takeover was agreed with an American consortium.
The Championship club are three points from safety at the moment, but entering administration would have condemned the club to a 12-point deduction which would have almost certainly seen them relegated.
However, Neil Warnock's side have been given a reprieve after a much-needed takeover was agreed ahead of the EFL's deadline tomorrow.
A club statement has revealed that current chairman Dean Hoyle will buy out the remaining shares in the club before handing over control of the club to a North American group.
The 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."
Hoyle is also said to be willing to write off the £40m he is still owed by Huddersfield that the new owners were not prepared to pay off, in order to save his hometown club.
Huddersfield may still be relegated this season, but avoiding a points deduction will have helped the takeover go ahead.
Andrew Delaney
