The EFL and the Premier League have today concluded negotiations on a rescue package and distress fund to address the immediate financial challenges faced by EFL clubs arising as a result of the Covid-19 pandemic.

A fund of £50m in the form of a grant and monitored grant payments has been agreed for League One and Two clubs while the Premier League will provide a further financial commitment to assist the EFL in securing a £200m loan facility that Championship clubs will be able to utilise interest-free.

Premier League clubs have given their final approval to the agreement at today’s Shareholders’ Meeting and this followed earlier approval of the deal by the EFL Board, acting on behalf of its membership.

EFL Chair, Rick Parry, said:

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

Richard Masters, Premier League Chief Executive, said:

“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.

He added:

“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.”

This is great news for the many struggling clubs, many who are on the brink of financial ruin, and it’s about time that the big boys realised that football is as important at the lower levels as it is in the Premier League, especially for the communities and people that rely on their local clubs.

It’s great to see the football family is alive and well, for now anyway.