Premier League agrees £250m EFL bailout

In order to help and tackle the unpredictable and devastating effect of Covid-19, the English Football League and the Premier League have decided to release a 250 million rescue package for financial help.

According to the information revealed by ESPN, certain key stakeholders attended a Future Football Round Table organized by the Department of Culture, Media and Sport with the aim to negotiate and break the deadlock.

It is reported that the final agreement stated that the championship clubs 24 in total will be allowed to access an interest-free £200 loan facility as announced on Thursday. In order to secure the loan, PL will pay around £15m and it will caped by £8.33m per club and by farthest must be repaid before or by June 2024.

From the 2019-20 and 20-21 season, the deals for leagues one and two were broken down to 30million from 50million and this was handed to the clubs based on the lost gate receipts.

On Wednesday it was the first time that the fans had returned to the EFL grounds. There are different restrictions in different regions and these grounds are in alignment with the UK’s Covid-19 tiering system.

League Two clubs get at least £250,000 while League One clubs will receive a minimum payment of £375,000.

The remaining £20m is out there within the sort of a “Monitored Grant” on a need-only basis with clubs given the prospect to use to a joint Premier League and EFL panel for access to funds.

EFL chair, Rick Parry, said: Their only aim was that each club should get through the financial crisis I’m pleased that we’ve now reached a resolution on behalf of our clubs and as we’ve maintained throughout this may provide much-needed support and clarity following months of uncertainty.

He further thanked and appreciated the efforts of Gary Hoffman and Richard Masters, for creating this welcome, tangible commitment to the professional game at a time when it’s needed it most.”

According to Masters, the football pyramid is hugely supported by the Premier League and the clubs play a vital role in communities. Our commitment is that no EFL club need leave of business thanks to COVID-19.

Due to the pandemic, there is a major loss in all the clubs and this is the reason the Share Holders of the Premier League have made an agreement to support the EFL clubs in their tough times. They look to guard all the teams financially for now.

Meanwhile, as a part of the pledge to market equality and stop discrimination in football, the Premier League has adopted the International Holocaust Remembrance Alliance’s (IHRA) working definition of antisemitism.

Any sort of discrimination in football will be tackled by Premier League as said by Bill Bush the Executive Director.

Our adoption of the IHRA’s working definition will enable us to be simpler in handling any antisemitic behaviour targeting our clubs or personnel. The adoption of the IHRA’s working definition of antisemitism is that the latest step within the Premier League’s continued work to make sure that football may be a welcoming environment for all.”