Euro bonuses in balance

England players stand to miss out on a performance bonus at the European Championship this summer unless the Football Association repays a £175 million taxpayer-backed loan beforehand, The Daily Telegraph has been told. The ultra-low-interest Bank of England loan was issued during the Covid-19 pandemic.

England players will not receive a performance bonus at the European Championship unless the Football Association repays a £175million taxpayer-backed loan, The Daily Telegraph has been told.

Whitehall sources have insisted the terms of the ultra-low-interest Bank of England loan prohibit the FA rewarding Gareth Southgate’s Euro 2020 squad for their exploits while any of it remains outstanding.

That follows calls from MPS for the Government and FA to “’fess up” about whether millions of pounds of public money would end up in the pockets of England players.

The FA borrowed the money almost six months ago through what is called the Covid Corporate Financing Facility, the use of which requires a commitment to “pay restraint” unless the cash is repaid in full by May 19.

When the English Football League sought to borrow £75million through the same scheme last month, it was told it could only do so if its clubs agreed unprecedented curbs on player pay rises and bonuses.

Neither the Treasury nor the FA – which, as of last week, had yet to repay a penny of its loan – would divulge when the repayment was due or whether the FA was subject to similar conditions to those imposed on the EFL.

That compounded fears the cash given to the FA would be used to pay performance bonuses to England players at the postponed Euros, which is due to be played between June 11 and July 11.

At the last World Cup, Southgate’s 23-man squad were paid millions for finishing fourth under a bonus structure believed to peak at £5million for winning the tournament.

Any Euro 2020 bonus would be paid a year after the FA announced the coronavirus crisis would force it to make 124 roles redundant – 15 per cent of its workforce – amid potential losses of about £300million.

The Telegraph has been told the FA plans to repay the CCFF loan before player bonuses are due.