Championship club West Brom gave a loan of £4.95m to a company owned by chairman and owner Guochuan Lai to help it through the coronavirus pandemic.
Lai says he will return the money, with £50,000 interest, by 31 December 2022 after the initial repayment date was moved from 15 September.
The news will come as a shock to West Brom fans as it took money out of the club that could have been used for transfers both last summer and this, as the club tries to return to the Premier League.
"The club's annual accounts for the 2020-21 season detail a loan to Wisdom Smart Corporation Limited, a related party to me.