football

EFL secures £117m loan fund for Championship clubs


The English Football League (EFL) has secured a loan fund worth £117.5million for Championship clubs amid the ongoing coronavirus pandemic.

The funding package has been agreed with MetLife Investment Management, the institutional asset management business of MetLife Inc, and will help clubs in the Championship in “meeting PAYE liabilities”, the EFL said in a statement released on Monday.

In December, the Premier League made available £50m in financial aid for clubs in League One and Two. The top flight also provided a “payment commitment” of up to £15m in support of the EFL’s new loan arrangement with MetLife Investment Management, the statement read.

“The transaction was agreed with MetLife Investment Management following a competitive bidding process in which the EFL received solicited and unsolicited financing proposals from a wide range of potential private financing providers and UK banks alongside discussing loan options with the UK Government that could not be progressed due to the restrictions being imposed,” the EFL’s statement read.

“This funding commitment from MetLife Investment Management will provide immediate additional funding to Championship Clubs, who have now played the equivalent of a full season without spectators in attendance and during which time have lost approximately £150m in gate receipts and missed out on other matchday revenue streams.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more