Premier League agrees to support the EFL with rescued packages and distress funds

Richard Master has addressed that the Premier League stand together with the EFL in our commitment to protect all clubs in these unprecedented times.

Premier League agrees to support the EFL with rescued packages and distress funds
The Premier League and EFL

The Premier League Chief Executive, Richard Masters says no EFL (English Football League) club need to stop operating due to the financial impact of the coronavirus on the game following the PL's agreement to support the lower leagues.

Rescued packages and distress funds have been approved to be provided to attend to the challenges of EFL clubs in these unmatched times by the Premier League at a Shareholders’ Meeting on Thursday, December 3, 2020.

According to the Premier League, a fund of £50m in the form of a grant and monitored grant payments has been agreed for League One and Two clubs while the Premier League will provide a further financial commitment to assist the EFL in securing a £200m loan facility that Championship clubs will be able to utilize interest-free.

“The Premier League is a huge supporter of the football pyramid and is well aware of the important role clubs play in their communities,” Richard Masters said.

“Our commitment is that no EFL club need to go out of business due to COVID-19.

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"All football clubs continue to suffer significant financial losses as a result of the pandemic, but Premier League Shareholders today 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."

EFL Chair, Rick Parry commended stakeholders of the elite English League for their cultured support towards the EFL with the aim of keeping clubs in operation throughout the challenging times of coronavirus.

"Our over-arching aim throughout this process has been to ensure that all EFL clubs survive the financial impact of the pandemic.  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.

"I would like to thank Richard Masters and Gary Hoffman for their efforts on behalf of the Premier League, and of course their shareholders, for making this welcome, tangible commitment to the professional game at a time when it has needed it most."