Spanish FA Lends Financial Support To LaLiga Clubs With Package Worth €500 Million

Football News

Spanish FA (RFEF) has come out in support of LaLiga clubs. The Spanish FA will lend €500 million through a bailout package to avoid clubs going bankrupt.

Written By Minaam Ansari | Mumbai | Updated On:
Spanish FA

The Spanish FA (RFEF) has announced a bailout plan of €500 million to help the first and second division clubs financially. Spain has emerged as one of the worst affected countries by the coronavirus pandemic in the world, which led to the suspension of LaLiga, accruing huge losses for clubs.

Also Read | LaLiga's plan to test all players for coronavirus "irresponsible": Spanish FA President

Spanish FA offers bailout package to LaLiga clubs

LaLiga was suspended until April on March 12 due to the coronavirus outbreak. The suspension has impacted the clubs financially due to the loss of broadcasters’ revenue. Meanwhile, clubs also lost out on matchday incomes. During such times of distress, the Spanish FA has come forward to bail out the debt-ridden clubs.

Spanish FA offers bailout package to avoid LaLiga clubs going bankrupt

Spanish FA president Luis Rubiales confirmed the bailout package earlier this week. He claimed that they were willing to lend support to professional football in Spain. He claimed that he was willing to interact with LaLiga clubs to help them avoid bankruptcy.

The Spanish FA president has asserted that they have held talks with several banks and are willing to offer a line of credit worth €500 million. The clubs will also get the flexibility of repaying the amount over a six-year period, said the president.

Also Read | Barcelona to offload 8 players including Griezmann, Coutinho, Rakitic: Report

Spanish FA denies possibility of resuming LaLiga soon

LaLiga president Javier Tebas had cited May 18 as the deadline date for LaLiga to resume. He also hoped that league fixtures will be completed by June 30. However, the Spanish FA president has claimed that it is practically impossible to resume the competition by mid-May. He claimed that there were temporary hospitals set up in Madrid while the military emergency units were out on the streets, meaning it was difficult to resume anytime soon.

Also Read | Real Madrid star Gareth Bale's 'Stay At Home Challenge' involves golf and NOT football

Coronavirus in Spain: Real Madrid, Barcelona face heat

Spain has emerged as one of the hotspots of the coronavirus pandemic. This led to a complete lockdown of the country. Suspension of LaLiga has impacted the likes of Barcelona and Real Madrid financially. There were reports suggesting that Barcelona could ask their players to take a pay-cut to help the club during times of financial distress. Under these circumstances, a bailout package might help the clubs to a great extent. 

Also Read | Ex-Liverpool midfielder feels Sadio Mane will join LaLiga heavyweights Real Madrid soon

First Published:
By 2030, 40% Indians will not have access to drinking water
SAVE WATER NOW
PEOPLE HAVE PLEDGED SO FAR
DO NOT MISS