The EFL has announced that they’re taking measures to assist clubs affected by COVID 19 with a relief package totalling £50 million. This is to help with cash flow whilst football is suspended. It will include clubs receiving reward money straight away. They’ll also have the option of taking out an interest-free loan.
The board has also made it clear that their priority is to ensure the current season finishes.
EFL to Provide Clubs With Financial Support After Board Meeting
£50 million “Relief Package”
The EFL board met today to discuss what happens next with regards to the rest of the season. As well as outlining that finishing the current season is a priority, they also proposed a way to help clubs who will be losing out on ticket sales and other sources of matchday income.
An EFL statement read: “As part of the League’s continued contingency planning, the Board heard the comments and observations from EFL Clubs, before discussing a number of issues including the current financial position and implications, insurance, regulatory matters and broadcasting arrangements.”
“Discussions centred on financial relief for Clubs in the short term and while there is no one single solution, measures are to be put in place to immediately assist with cash flow via a £50million short-term relief package.
“This fund consists of the remaining Basic Award payments being advanced to Clubs immediately, with the remainder made up through interest-free loan facility available to Clubs, calculated in line with the EFL’s Article of Associations.
“The cash injection is included as part of a series of measures, that includes potential Government support to help Clubs and their associated businesses through this period of uncertainty.”
This will come as a welcome relief for many clubs who will struggle to make ends meet whilst they aren’t gaining revenue from matches. Yesterday, National League side Barnet announced that they’d made all non-playing staff redundant. Clubs in the Football League will be hoping this aid stops them from being forced to do the same.
Finishing the Season Is Their Priority
The EFL also followed the Premier League by emphasising the importance of finishing this season.
In the statement, they also said: “The primary objective, in order to protect competition integrity, is to deliver a successful conclusion to the 2019/20 season, subject to the over-riding priority around health and well-being.
“Plans continue to be developed on the agreed principle that it is in the best interests of the EFL and Clubs to complete the current season at the appropriate time.
“The EFL is continuing regular dialogue with the Government and relevant health authorities and, as and when more information is known regarding the scale and extent of the coronavirus outbreak in this country, a decision will be taken on the resumption of the League’s fixtures.”
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