Huddersfield have been taken over by a North American group after chairman Dean Hoyle acquired 100% of the club's shares and subsequently sold them.
Hoyle initially took over in 2009 before selling the club to Phil Hodgkinson, after 11 years at the club.
He returned in 2021 to provide funding due to Hodgkinson's financial difficulties but stepped down as chief executive on medical advice in 2022.
"We would like to thank fans for their patience and support," the club said.
In a statement, Huddersfield added that the unnamed group's takeover was subject to "legislative and governance procedures", and that more information would be provided after completion.
The takeover comes towards the conclusion of a campaign which has seen the club struggle in the Championship despite reaching last season's play-off final.
Neil Warnock's side are 22nd in the table and three points from safety, while they were also placed under a transfer embargo earlier in March for submitting their annual accounts late.
The Daily Mail has reportedexternal-link that Hoyle will write off £40m as part of the deal in order to keep the Terriers out of administration, which would have led to the club receiving a 12-point deduction and almost certainly consigned them to relegation.
More to follow.
Source: bbc.com