London, March 19 (IANS) In the wake of the ongoing coronavirus outbreak, the English Football League (EFL) will release a 50million pound short-term relief fund to help clubs in the divisions below the Premier League with cash-flow issues.
“…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,” EFL said in a statement after an EFL board meeting which was called to discuss the impact of the outbreak on clubs.
The fund includes the early release of award payments and an interest-free loan facility.
According to a BBC Sports report, under the terms of the relief fund, championship clubs will receive their remaining 800,000 pound award payment from the Premier League on Thursday. In addition, they will be able to apply for a 584,000 pound interest-free loan.
For League One clubs, the figures are 250,000 pound and 183,000 pound and for League Two sides they are 164,000 pounds and 120,000 pound.
All EFL matches have been postponed until April 3 at the earliest because of the pandemic. The EFL has stressed its commitment to finishing the 2019-20 season “in order 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,” the EFL statement read.
Football in England has come to a standstill in an attempt by the government to stop the spread of the coronavirus which has globally claimed close to 9,000 lives.