Reply With QuoteI wonder how much Tony Stewart will want to borrow? Probably nothing at all, such is the way he runs the club's business, he deserves top marks for this.
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courtesy of the BBC sports apge.
The Premier League and English Football League (EFL) have agreed a £250m rescue package to help ease the financial challenge faced by EFL clubs as a result of the coronavirus pandemic.
The EFL will be assisted in getting a £200m loan for Championship clubs.
A £50m grant has been agreed for League One and Two clubs.
EFL chairman Rick Parry said it was a "welcome, tangible commitment to the professional game at a time when it has needed it most".
How will it work?
The Premier League will pay up to £15m to help the EFL to secure a £200m loan which it will then lend to Championship clubs interest free.
Loans are capped at £8.33m per club and must be repaid by June 2024.
The £50m rescue package for Leagues One and Two is split into two parts - £30m will be paid to the 48 clubs as a grant based on missed gate receipts from the 2019-20 and 2020-21 seasons.
League One clubs will receive a minimum payment of £375,000.
League Two clubs will receive a minimum payment of £250,000.
The remaining £15m will be distributed using a lost gate revenue share calculation.
A further £20m monitored grant will be provided and clubs can apply based on need. A joint Premier League and EFL panel will determine club eligibility.
Clubs receiving a monitored grant will be subject to restrictions with respect to transfer spend and player wages.
"Our over-arching aim throughout this process has been to ensure that all EFL clubs survive the financial impact of the pandemic," said Parry.
"I am pleased that we have now reached a resolution on behalf of our clubs and, as we have maintained throughout, this will provide much needed support and clarity following months of uncertainty."
Premier League chief executive Richard Masters said: "The Premier League is a huge supporter of the football pyramid and is well aware of the important role clubs play in their communities. Our commitment is that no EFL club need go out of business due to Covid-19.
"All football clubs continue to suffer significant financial losses as a result of the pandemic, but Premier League shareholders unanimously agreed to provide additional funding and support for EFL clubs in real financial distress.
"We are very pleased to have reached this agreement and we stand together with the EFL in our commitment to protect all clubs in these unprecedented times."
How did we get here?
The Premier League previously said a financial package for League One and Two clubs was intended to make sure they "will not go out of business as a result of the financial impact of Covid-19 and be able to complete the 2020-21 season".
Since March, football has been played behind closed doors until restrictions were lifted in some areas of England this week, meaning clubs have missed out on v.ital matchday revenue.
In October, EFL clubs rejected the Premier League's proposed £50m rescue package for League One and Two clubs, saying it "falls some way short" of the required amount.
Top-flight clubs made the offer after deciding not to pursue Project Big Picture.
But in November, clubs "agreed in principle" for those in League One and Two to receive the package from the Premier League.
The agreement came two days after after a parliamentary committee heard that 10 EFL clubs were struggling to pay wages.
The EFL board approved the deal on Thursday before Premier League shareholders then gave their final approval to the agreement.
"I warmly welcome this deal between the Premier League and the EFL which provides up to £250m support to help clubs through Covid," said culture secretary Oliver Dowden.
"I'm glad that football has come together to agree this substantial package. Fans are starting to return and we look forward to building on this as soon as it's safe.
"With a £250m support package for men's elite football and £300m Government funding for women's football, the National League and other major spectator sports we have fuel in the tank to get clubs and sports through this."
Last edited by Brin; 03-12-2020 at 01:54 PM.
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I wonder how much Tony Stewart will want to borrow? Probably nothing at all, such is the way he runs the club's business, he deserves top marks for this.
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Originally Posted by Brin
No probably up to the limit.
Cash flow is king and the loan will allow the everyday running of the club without using money from other sources that have a charge or interest payments attached.
I’m sure dodgy clubs will use the loan to gamble a punt on the transfer market
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I wonder if we'll be eligible for some of the L1 grant and loss in gate receipts?
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Makes sense about loaning max without interest etc. If we receive the money in one lump sum do you think we will earn interest on it if it's in our account? Stupid question perhaps, sorry if so.
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Interest? Have you seen what banks are offering at the moment?
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I think if you have millions to put into an account they would find rates to please. My attempt at skullduggery falls flat okay, give me some credit for trying 😂
Hall Of Fame
It makes sense though. Take the maximum, use it for things you would pay for anyway, draw it off as and when and leaving some in an account that pays something. Then at repayment time top up what’s left and pay it back.
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It's quite the opposite actually. You can get 3% if you want to 'invest' around 50-100 quid a month but millions, no chance. I suppose TS could always pop down to Nationwide and open up 10,000 new accounts
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Won’t help Coventry
https://www.bbc.co.uk/sport/football/55186670
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