EFL comes up with a massive relief fund to keep clubs in existence

EFL comes up with a massive relief fund to keep clubs in existence

The coronavirus pandemic is at its gigantic worst right now.

It has spread and continues to do so in Europe at a rapid rate. Football leagues have been temporarily shut down with no report of when things are likely to get back up. This has spread panic of a magnanimous proportion across most clubs of small fortune and size.

Clubs keep themselves afloat with the revenue they earn from matches via spectators, sponsors and broadcasters. With football shut, all revenue streams have dried up and many football clubs face the real threat of extinction.

In this moment of great difficulty, the EFL has come up with a £50m relief fund to help the clubs in crisis.

The EFL has also stressed on the importance of completing the season amidst the difficulty of the current situation although they have admitted that the health of its staff members, players, spectators and fans takes precedence.

The short-term relief has been sanctioned and will be given to 71 clubs.

It said: “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 v clubs and their associated businesses through this period of uncertainty.”

The board had this to say about the 2019/20 season schedule: ” 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. ”

See More: UEFA set to charge European clubs £275 million – the financial hits begin

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