Premier League and EFL reach agreement for £250m rescue package
(Photo by Rui Vieira – Pool/Getty Images)

The Premier League and EFL have reached an agreement for a rescue package worth £250million.

The Premier League and English Football League (EFL) have agreed a £250million rescue package to assist clubs overcome the financial challenges of the COVID-19 pandemic.

Championship clubs will have access to a £200m pool of interest-free loan funds, while a £50m grant will be made available for those in League One and Two.

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Loans to second-tier clubs will be capped at £8.33m and would have to be repaid by June 2024.

EFL chairman Rick Parry welcomed the resolution after lengthy discussions.

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

“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.”

Premier League chief executive Richard Masters also commented on the deal, adding: “The Premier League is a huge 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.

“All football clubs continue 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.”

Fans returned to some Football League grounds this week after England’s national lockdown was replaced by a tier system.

However, with attendances limited by social-distancing measures, clubs are unlikely to profit from staging matches under such circumstances.

It is hoped that the deal agreed on Thursday will prevent the worst-case scenario of clubs going out of business.

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