PARACHUTE PLEA

EFL want Norwich and Watford’s Premier League cash

THE EFL is set to ask the Premier League for the tens of millions it has saved thanks to the promotions of Watford and Norwich City.

Both sides were relegated from the top flight last season and would have been due more than £50million in parachute payments had they stayed in the Championship.

Indeed, the figure remaining in the Premier League’s bank account could be more than £75m should Bournemouth — the third relegated side — be promoted via the play-offs.

Now Sportsmail understands that cash- strapped clubs in all three divisions below the top flight have strongly lobbied the EFL. They want the competition to ask the Premier League for the cash they have saved, which would be split among struggling clubs.

‘It makes sense,’ an official at a League One club explained. ‘They gave us grants of £30m last year but that is a drop in the ocean compared with what they are going to save on parachute payments.’

In the first year, clubs relegated from the Premier League get around £40m, dropping to £35m in the second season and £15m in the third — although those who were only in the top flight for one season receive just two years of payments.

However, sources say that the figure for the second year was set to be around £25m for the coming season. Premier League clubs are set to lose a combined £2billion by the end of the season due to Covid.

In November, the EFL accepted a £50m rescue package from the Premier League — which included a £ 30m grant — for clubs in Leagues One and Two.

Those in the Championship were given access to £117.5m in loans from a league-secured deal with financial company MetLife Investment Management.

Football finance lecturer Kieran Maguire, who runs the Price of Football podcast, said: ‘Ultimately, this is the Premier League’s money. But from a public relations point of view, it would be beneficial if they were seen to be giving it to those who are more in need.’