EFL clubs say no Premier League’s £50m bailout offer
English Football League (EFL) clubs have rejected a £50million bailout package offered by the Premier League. EFL clubs met to discuss a £50m offer - believed to consist largely of interest-free loans and grants - from the top-flight that applied only to those in Leagues One and Two, with discussions said to be continuing with regard to further financial support for Championship outfits.
Such a package was offered after the controversial ‘Project Big Picture’ - which included an immediate £250m bailout for the EFL and a 25 per cent annual share in any future Premier League media revenues but also concentrated considerable power in the hands of the Premier League’s so-called ‘big six’ - was dismissed by Premier League clubs, who instead agreed to undergo a strategic review.
In an official statement released on Thursday evening, the EFL said that the “conditional” offer fell “some way short” of the money needed to address lost gate receipts from the lack of fans in stadiums during the coronavirus pandemic.
The League also said there was a “strong consensus” that any rescue package must “meet the requirements of all 72 clubs before it can be considered in full”.
“EFL Clubs have today met by division to discuss the conditional offer put forward yesterday by the Premier League in respect to the financial support required as a result of the COVID-19 pandemic.
“The need for continued unity across the membership base was fundamental to discussions across all three divisions, and therefore there was a strong consensus that any rescue package must meet the requirements of all 72 Clubs before it can be considered in full.
“The League has been very clear in its discussions of the financial requirements needed to address lost gate receipts in 2019/20 and 2020/21, and while EFL Clubs are appreciative that a formal proposal has now been put forward, the conditional offer of £50million falls some way short of this.
“The EFL is keen to continue discussions with the Premier League to reach an agreeable solution that will address the short-term financial needs of all of our Clubs and allow us the ability to consider the longerterm economic issues in parallel that specifically look to achieve a more sustainable EFL for the future.”