Cats set for a six-figure cash injection as PL bailout details revealed

Sunderland are set for a sixfigure cash injection after the Premier League and the EFL finally agreed terms on a £50 million bail-out.

An EFL statement confirmed that a deal has been reached in which £30 million will be paid immediately to third and fourth-tier clubs.

League One clubs are guaranteed a payment of £375,000, with the remaining £15 million to be distributed based on lost gate revenue share calculation.

With by some distance the biggest average attendance outside of the Championship, Sunderland will clearly be a major beneficiary.

A further £20 million will be available to third and fourth-tier clubs as ‘monitored grants’. A joint EFL and Premier League panel will decide if clubs who apply are elgible on a case-by-case basis.

Any clubs who take up this option will be subject to further restrictions in terms of transfers and wage spending.

Championship clubs will be offered use of a £200 million loan facility.

E F L c h a i r R i c k Pa r r y said: “Our over-arching aim throughout this process has been to ensure that all EFL Clubs survive the financial impact of the pandemic.

"I a m p l e a s e d t h at w e 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.”

Chief Executive of the Premier League, Richard Masters, added: “The Premier League is a huge a supporter of the football pyramid and is 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.

“A l l fo otba l l c lub s c o ntinue 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.”