Premier League comes to the rescue

The Premier League and the English Football League agreed a £250-million rescue package on Thursday, ending months of uncertainty for lower-league clubs struggling to survive during the coronavirus pandemic.

Most football in England has been played behind closed doors since March, depriving lower-league clubs of vital matchday revenue, although crowds have been allowed back in limited numbers in certain areas this week.

The financial agreement follows months of negotiations between the two football governing bodies, who had been strongly criticised for their failure to reach a deal.

The British government consistently said that the Premier League, rather than the taxpayer, must help the English Football League (EFL).

£50 million grant

Clubs in Leagues One and Two — the third and fourth tiers — will receive grants worth £50 million.

The Premier League has committed to cover up to £15 million in interest and arrangement fees to enable a £200 million loan to be secured for clubs in the second-tier Championship.

“Our over-arching aim throughout this process has been to ensure that all EFL clubs survive the financial impact of the pandemic,” said EFL chairman 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.”

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Printable version | Jan 26, 2021 9:55:08 PM |

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