Leasing.com final between Pompey and Salford postponed

EFL sets up £50m relief fund

2020/03/19 08:28
By Stephen Gillett
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Due to the impact of the coronavirus, the English Football League has pledged to release a £50m short-term relief fund to aid clubs on the brink of financial crisis.

Agreed after an EFL board meeting on Tuesday, the fund will include early release of award payments, and an additional interest-free loan facility.

It was also announced that the Leasing.com Trophy final between Portsmouth and Salford City, which was due to played on 5 April, has been postponed.

Welcome move

As a result of Tuesday's decision, Championship clubs will receive their remaining £800,000 award from the Premier League on Thursday. Furthermore, all of those in the second tier will be able to apply for a £584,000 interest-free loan.

For League One clubs the respective amounts are £250,000 and £183,000, while League Two sides are set to receive £164,000 and £120,000.

A £1m pot from the EFL Futures scheme, which rewards clubs who develop and give opportunities to home-grown young players, will be shared out on a pro-rata basis.

The current EFL landscape 

With all EFL matches currently postponed until 3 April at the earliest, in the wake of the spread of Covid-19, 47 League One and League Two clubs told the EFL on Tuesday that they were bracing themselves for a projected combined loss in the region of £50m if current league campaigns cannot be restarted before the summer.

All Championship clubs are unanimously behind trying to complete the 2019/20 season, and the EFL has underscored its commitment to finishing the current campaign to "protect competition integrity". 

"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," an EFL statement read.

"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 £50m short-term relief package."

 

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