Premier League ‘offering grant of less than £50m’ to bailout struggling lower league clubs… despite EFL claiming they need £250 million to cover losses caused by the coronavirus pandemic
The Premier League are reportedly only prepared to offer struggling lower league clubs £50m to help them with the fallout of the coronavirus pandemic – just one fifth of what the EFL claims they need.
Clubs below the Premier League have been left teetering following the financial damage caused by football’s shutdown from back in March.
It left League One and Two unable to fully complete their respective campaigns, while along with Championship sides left them without crucial revenue in the form of matchday income provided by supporters inside the stadiums.
The Premier League are reportedly only offering a grant of less than £50m to struggling EFL clubs. Above, Manchester United and Tottenham compete in the top flight on Sunday
According to The Times, the EFL says it needs up to £250 million to cover the losses since lockdown with the £50million offer from the Premier League also in conjunction with another sum of about £100 million as a loan with interest rates similar to those charged by banks.
The report also claimed that an agreement between the Premier League and the EFL looks a long way off.
The urgency of the bailout is being particularly felt among third and fourth tier teams who fear being able to pay wages beyond October, with Premier League chairmen having postponed a meeting to discuss the situation from today to next week.
Executives at Premier League clubs have shown growing annoyance over the situation. Many privately believe that funds should not be handed over until top-flight players agree to take pay cuts.
One source explained: ‘Lots of money goes into the Premier League, which is well reported, but lots of money goes out of it — most of it to players.
‘It’s not like clubs have vast reserves of cash sitting around. Nobody at the clubs is making a killing outside of the football staff.
‘So if the salaries remain the same, where does the EFL think this money is going to come from? It’s not like the owners are pulling vast amounts out to buy themselves yachts and mansions.’
Sportsmail has previously understood talks between the Premier League and EFL focused primarily on the top-flight providing a bailout for clubs in League One and League Two amid a growing resistance to helping out the Championship.
These would provide a series of short-term loans to cover lost gate receipts in the bottom two divisions that could total £60m by the end of the season.