MPs call for EFL rescue package
A GROUP of MPs have warned the English Football League that they might have just weeks left to save themselves from financial ruin due to the Covid-19 crisis.
Around 18 politicians have called for urgent talks with the FA and EFL to address the crippling impact of the pandemic on clubs below the top flight. EFL chairman Rick Parry warned last month that clubs face a £200million black hole is the season is not completed.
A host of clubs are facing administration or going bankrupt after the season was suspended in March.
League Two have ended their season because they cannot afford to bankroll the widespread testing regime to make sure players are safe.
Conservative MP Damian Collins has written to Oliver Dowden, the Culture, Media and Sport Secretary, as well as Parry and FA chairman Greg Clarke, insisting: “We may only have a few weeks to save football as we know it.”
Collins wants to see a Football Finance Authority created by the FA and backed financially by the Government.
Those funds would not be offered as loans but would be exchanged for a minority shareholding of the club of between 10 and 49 per cent.
In turn, an FFA-approved independent director would take a place on the board of the club itself.
They would have access to the financial records of the club they are working with and would be expected to liaise closely with the FFA to ensure financial affairs are brought back in line.
Collins would then like to see a Supporters’ Trust or local authority have the chance to buy back the Government stake at a discounted value.