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Premier League, EFL Offered $1.24 Billion To Cope With Coronavirus Revenue Loss: Reports

A consortium of global financiers, including a major US company, has come out in support of the Premier League and the EFL offering $1.24 billion loan support.

Premier League

A consortium of global financiers, including a major US company, has come out in support of the Premier League and the EFL. The group has extended financial support estimated at $1.24 billion to help the clubs deal with the financial crisis due to the coronavirus revenue loss. 

Also Read | Premier League stars ready for action in ePL invitational tournament

Coronavirus revenue loss: Clubs agree to season completion

The Premier League and the EFL have expressed their resolve to ensure the completion of the season. However, no resumption date has been confirmed yet, creating uneasiness among several clubs that they may go bust if the season does not resume soon. The clubs have, however, agreed to the idea of finishing the competition before June 30.

Coronavirus revenue loss: Group to help Premier League, EFL

According to ESPN, several investment banks have indicated that they could provide an alternative to the coronavirus revenue loss to the Premier League and the EFL. There have been discussions over a working loan facility to help offset cash flow issues. This could help the clubs in managing their finances better amid the spread of coronavirus in UK. 

Also Read | Premier League return date still not clear, says West Ham chief executive Karren Brady

Coronavirus revenue loss: No confirmation on accepting help

According to the proposal, the money will be provided to the Premier League and the EFL so that it could be distributed based on the requirements of the clubs. The clubs will then have to repay the amount at a negotiated rate of interest at a future date. However, no such confirmation on accepting the funds has been made, but reports suggest an advanced stage of negotiation. 

Also Read | Premier League zeroing in on date for resuming competition behind closed doors: Report

Coronavirus in UK: Premier League players salary cut policy suggested

Earlier, UK Health Secretary Matt Hancock urged the players to accept the Premier League players salary cut policy. However, reports suggest that the players have been averse to the idea of a pay cut claiming that they wouldn't want their wages to be pocketed by the wealthy club owners. The Professional Footballers' Association (PFA) has come out in support of the players in opposing the Premier League players salary cut policy.

Also Read | Gary Neville turns arbitrator during EFL pay cut negotiations between players and clubs

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