EFL agree long-awaited financial rescue package with Premier League
Date published: 04 December 2020
Latics face a League Two away fixture at Cambridge United tomorrow
Latics chiefs will have been buoyed by the news yesterday (Thursday) that the Premier League and the EFL have agreed a rescue package to protect lower-league clubs from going under amid the ongoing coronavirus pandemic.
The EFL have confirmed that a fund of £50million 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 clubs in the Championship will be able to utilise interest-free.
The news follows months of negotiations between the two governing bodies.
The package for Leagues One and Two is understood to be £30m to be split between the 48 clubs in those divisions, plus access to a further £20m package of monitored grants.
The £30m will be paid immediately from the Premier League to help cover lost matchday revenue.
Each club in League One will receive a minimum £375,000 and each club in the division below - where Latics ply their trade - will get a minimum £250,000.
The remaining £15m of that pot will be divided using a calculation of lost gate revenues which will be approved by the Premier League and the EFL.
The £20m monitored grants can be applied for by clubs in need, with a joint EFL and Premier League panel ruling on eligibility.
Culture Secretary Oliver Dowden said: “I warmly welcome this deal between the Premier League and the EFL which provides up to £250million support to help clubs through Covid.
“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."
Latics, beaten at home by Tranmere in midweek, return to League Two action tomorrow - in front of 2,000 home supporters - at Cambridge United.
Do you have a story for us? Want to tell us about something going on in and around Oldham? Let us know by emailing email@example.com , calling our Oldham-based newsroom on 0161 633 2121 , tweeting us @oldhamchronicle or messaging us through our Facebook page. All contact will be treated in confidence.
Most Viewed News Stories
- 1Demolition of Oldham 'eyesore' to be completed 'within weeks'
- 2Cafe prosecuted for breaching food safety and hygiene regulations
- 3What really goes on inside an Oldham rapid coronavirus testing centre
- 4Tony hopes to be back on track soon - thanks to the power of a Dragon!
- 5A Tesco Express store in Oldham is to be transformed into a 'One-Stop'