The Premier League has officially agreed a £250m bailout deal to assist the English Football League clubs that have been struggling with funds during the coronavirus pandemic.
The EFL will be helped in getting a £200m loan payment for Championship clubs, while a £50m grant has been agreed for League One and Two clubs.
This situation has been a hot topic for discussion in light of the pandemic and EFL chairman Rick Parry has said the agreement is “a welcome and tangible commitment to the professional game”.
The EFL agreed this morning to take up the Premier League’s offer and the funds will be made immediately available to the lower league clubs in order to address their financial issues.
The offer that stands in front of the 72 EFL clubs is a fee of £50m in the form of a grant for the League One and Two clubs, while an interest-free £200m loan is set to be split between the 24 Championship teams.
It may sound rather confusing, but Parry made it clear that the EFL hierarchy have found a solution to help the 72 clubs below the Premier League through a time of real instability.
“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 [Premier League Chief Executive] and Gary Hoffman [Premier League chairman] for their efforts on behalf of the Premier League, and of course their shareholders, for helping make this decision for the game when it has needed it most“.
The agreement for this payment finally ends what was a long standing disagreement between the Premier League and the EFL which began all the way back in May.
Masters added: “The Premier League is a huge supporter of the football pyramid and is well aware of the important role clubs play in their communities and no EFL needs to go out of business during this difficult time“.
“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”.
