Rescue package finally agreed for league clubs
FINANCIAL BAILOUT WILL HELP EFL CLUBS TO RIDE OUT THE STORM
THE Premier League has agreed to provide a £250-million bailout package for EFL clubs.
The EFL Board voted to take the money on offer from the Premier League, which will be available immediately to address the financial challenges caused by the Covid-19 pandemic.
The package includes £50m in the form of a grant and monitored grant payments for League One and Two clubs and an interest-free £200m loan facility for Championship clubs.
“Our overarching aim throughout this process has been to ensure that all EFL clubs survive the financial impact of the pandemic,” said EFL chair Rick Parry.
“I am pleased that we have now reached a resolution on behalf of our clubs and as we have maintained throughout this will provide much needed support and clarity following months of uncertainty.
“I would like to thank Richard Masters and Gary Hoffman for their efforts on behalf of the Premier League, and of course their shareholders, for making this welcome, tangible commitment to the professional game at a time when it has needed it most.”
The agreement ends a long-running stand-off between the Premier League and EFL, which has gone on since May.
It comes after the government left football out of its £300m bailout package for other sports in the country last month.
“The Premier League is a huge supporter of the football pyramid and is well aware of the important role clubs play in their communities,” said Premier League chief executive Richard Masters. “Our commitment is that no EFL club need go out of business due to Covid-19.
“All football clubs continue to suffer significant financial losses as a result of the pandemic, but Premier League shareholders today unanimously agreed to provide additional funding and support for EFL clubs in real financial distress.
“We are very pleased to have reached this agreement and we stand together with the EFL in our commitment to protect all clubs in these unprecedented times.”