US businessman Kevin M.Nagle revealed as prospective new Huddersfield Town owner

Nagle, who also acts as chief executive officer for the USL (United Soccer League) Championship second-tier outfit, has exchanged contracts with Town owner Dean Hoyle ahead of an agreed sale, subject to EFL ratification.

In a statement on Huddersfield’s website, Nagle said: “I am beyond pleased to announce I have entered into agreement with Dean Hoyle to purchase a full stake in Huddersfield Town.

"As the approval process is now under way, there will be no further comment until finalization, as we wish to 100 per cent respect that process.

“I would however like to thank Dean for all his help and support along the way, and I cannot wait to meet and speak to the wonderful Town fans.”

Minnesota-born Nagle, also an investor in National Basketball Association side Sacramento Kings, has been at the heart of Republic’s bid to join Major League Soccer over the past nine years.

Republic were awarded an MLS expansion team franchise in 2019 – with a view to joining the competition in 2022, with the club announcing plans to a build a new $300 million 20,100-seat stadium.

Nagle was a central figure in an investment group which included NHL Pittsburgh Penguins owner Ron Burkle, a technology, retail and hospitality entrepreneur who was the lead investor.

But in February 2021, Burkle announced he was ending his interest in the MLS expansion club due to the effects of the Covid-19 pandemic.

Huddersfield chairman Hoyle will reportedly write off around £40m under the terms of the deal agreed for the sale of the Terriers, with the club expected to change hands after the end of the season.

The Terriers - battling against relegation in the Championship - confirmed in a statement last week that they have exchanged contracts.

It 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."

Town had been the subject of takeover speculation for recent weeks amid rumoured interest from rival Dutch and American groups ahead of an agreement being reached with Nagle.

Hoyle purchased the shares of Phil Hodgkinson, who he sold 75 per cent of the club to back in 2019 - ahead of exchanging contracts with the prospective US investor.

To prevent Town entering administration and being handed an automatic 12-point deduction this season, life-long Terriers fan Hoyle will continue funding the club until the end of the season - reportedly to the tune of around £6m - on the proviso that he will be repaid that sum by the new owners once the takeover is completed.

On the pitch, Huddersfield in the midst of a relegation battle and host one of Neil Warnock’s former clubs in Middlesbrough on Saturday.

The Terriers are three points behind fourth-from-bottom Cardiff City, having played a game more than the Bluebirds, who they are due to play in their final away match of the 2022-23 campaign on April 29.