£250m bailout.. but is it enough?
FEARS EFL CLUBS COULD STILL GO UNDER DESPITE PREM AID
EFL clubs have finally been given a £250million bailout package – but there are still fears it might not be enough to save them all.
Premier League bosses agreed a rescue deal with the EFL to give £50m to League One and Two clubs and a further £200m in loans to Championship clubs.
It has been broadly welcomed with EFL clubs facing ruin, even with the return of fans, because gate receipts and huge losses during the pandemic have left many facing bankruptcy.
Clubs have been struggling to make payrolls and keep staff, while many community schemes are in serious danger.
This should ease immediate fears but many still worry they may never recover from the long-term damage.
Burton Albion chairman Ben Robinson said: “As a club we are delighted and very grateful.
“The Premier League did not have to do this.
“It should stop the majority of clubs going out of business in the short term.”
Colchester chairman Robbie Cowling cast doubt over ver the monitored grants on n offer to League One and Two clubs.
He said: “It’s a good day. We are going to get some help.
“In general, I am very er positive but the only uncertainty is the monitored grant – that seems anti-competitive.” EFL chairman Rick Parry ( left) said: “Our overarching aim throughout g this process has bee been to ensure all EFL c clubs survive the f financial impact of the pandemic.
“I am pleased that w we have now reached a re resolution on behalf of our clubs. As we have maintained throughout, this will provide much-needed support and clarity following months of uncertainty.” Premier League chief executive Richard Masters said: “We are a huge supporter of the football pyramid and well aware of the important role clubs play in their communities.
“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 unanimously agreed to provide additional funding and support for EFL clubs in real financial distress.”
Culture secretary Oliver Dowden said: “I warmly welcome this deal. I’m glad that football has come together to agree this substantial package.
“Fans are starting to return and we look forward to building on this as soon as it’s safe.
“With a £ 250m support package for men’s elite football and £300m Government funding for women’s football, the National League and other major spectator sports, we have fuel in the tank to get clubs and sports through this.”