LONDON (AP) – The Premier League agreed to a rescue package yesterday worth GBP250 million (USD330 million) to ease the financial burden on lower-division teams in English football as a result of the coronavirus pandemic.
After months of negotiations, Premier League clubs gave their approval for a loan of GBP200 million (USD265 million) that second-division Championship clubs will be able to utilise interest free.
A fund of GBP50 million (USD65 million) will go to clubs in League One and League Two — the third and fourth divisions.
“Our commitment is that no English Football League club needs go out of business due to COVID-19,” said Premier League Chief Executive Richard Masters.
The Premier League has committed to cover up to GBP15 million (USD20 million) in interest and arrangement fees to enable the loan to be secured for Championship clubs, which will allow them to meet their tax liabilities up to June 30, 2021.