The English Football League (EFL) lifted Wednesday a transfer embargo on second-tier side Hull City after its new owner, Turkish media mogul Acun Ilıcalı, paid off its outstanding debts.

The loan was taken out at the end of the 2020/21 League One campaign to support the club’s finances, which was severely hit by a spectator ban at the height of the coronavirus pandemic.

As English teams struggled with significant cashflow problems due to the season being played behind closed doors, clubs that met certain financial criteria were allowed to apply for the seven-figure loan, believed to be in the region of 2 million pounds ($2.68 million), according to the Hull Daily Mail newspaper.

However, under the loan's terms of the agreement, Hull City was unable to buy players and had to work within certain restrictions in the transfer market, it added.

The restrictions meant former boss Grant McCann could only sign free transfers and loan players, while also sticking to a strict number of players in his squad.

The Tigers have now settled that outstanding bill with the league, meaning the embargo has now been lifted and the club can trade normally.

Hull City was acquired by Ilicali on Jan. 19. It is currently ranked 19th in the EFL Championship with 29 points from 27 matches.

The media tycoon has promised a "football revolution" at the club since the takeover.