PL agree £50m bailout with L1 and L2 clubs

The Premier League has reached a £50m agreement over a bailout for EFL clubs in League One and Two.

A joint Premier League and EFL statement said: “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 shareholder meeting and this followed earlier approval of the deal by the EFL Board, acting on behalf of its membership.”

More to follow…

Source : Sky Sports