Huddersfield Town must repay loans worth £35m to former chairman Dean Hoyle by August 31, 2022

Long-term benefactor Hoyle reached an agreement with lifelong Huddersfield fan Phil Hodgkinson - founder of legal services firm Pure Business Group - to purchase a 75 per cent stake of the club last May - retaining a minor shareholding.

The club accounts to the financial year up to June 30 2019 have confirmed the debt that must be repaid to Hoyle.

Under the agreement, £15m must be paid within five working days of the end of this summer's transfer window, with an additional £10m due on August 31 in both 2021 and 2022.

Hoyle is also due an additional £10m, although there is no firm repayment date for this sum and is 'being subject to future events taking place."

In addition, the figures revealed that a further £31m loan was taken out by the club, but that will be covered by Huddersfield's parachute payment for 2020-21.

The overall figure of debt is down from the £49.4m owed to Hoyle in the previous year's accounts.

Hodgkinson said: "The financial impact of relegation is cushioned by Premier League parachute payments, expected to total £91m over the next three seasons.

"We will use these funds to assist in our squad transition, settle outstanding transfer fees, invest in our infrastructure as well as servicing and repayment of our debt."