Premier League and EFL agree rescue package

The Premier League and English Football League (EFL) have agreed a £250m rescue package to help ease the financial challenges faced by EFL clubs due to the coronavirus pandemic.

The EFL will be assisted in receiving a £200m loan for Championship clubs, with a £50m grant also agreed for League One and Two clubs.

With the Premier League paying up to £15m to help the EFL to secure a £200m loan that they can lend to Championship clubs interest free to support their efforts to meet PAYE liabilities up to the end of June 2021, it means Town could borrow up to £8.33m if they wish, which must be repaid by June 2024.

They can do this using Premier League solidarity receipts or other central Premier League or EFL Distributions, as 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.

“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.”

Richard Masters, Premier League Chief Executive, continued: "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.”

Culture secretary Oliver Dowden added: "I warmly welcome this deal between the Premier League and the EFL which provides up to £250m support to help clubs through Covid.

"I'm glad that football has come together to agree this substantial package. Fans are starting to return and we look forward to building on this as soon as it's safe.

"With a £250m support package for men's elite football and £300m Government funding for women's football, the National League and other major spectator sports we have fuel in the tank to get clubs and sports through this."