EFL Secures £ 117m Loan To Fund Championship Club Through Covid – Soccer Sports

March 30 – The English Football League (EFL) has secured £ 117m in loan funding for a championship club with MetLife Investment Management.

The EFL said in a statement released Monday that the funding package would help championship clubs “fill PAYE’s debt.” This loan matches the amount requested by 24 second-tier clubs to meet wages and is the victory of EFL President Rick Parry. The EFL Club was economically destroyed during the coronavirus pandemic.

The Premier League has promised £ 15m to cover setup costs and interest, following a £ 50m grant to League 1 and League 2 clubs in December.

“This transaction was agreed with MetLife Investment Management following the competitive bidding process. In this process, EFL received requested and unsolicited loan proposals from various potential private lending providers and UK banks. We talked about lending options with the British government that hadn’t expired, due to the restrictions imposed, “the EFL statement read.

A loan commitment from MetLife Investment Management provides immediate additional funding to the Championship Club. The championship club played the full season without spectators and lost about £ 150m in gate receipts and other matchday revenues.

“The size of the loan facility provided by MetLife Investment Management matches the total amount required by the championship club,” said an EFL statement.

Parry said: “This month has been an unwelcome anniversary for football, and supporters have been unable to participate in the match for 12 months, with multiple negative consequences. Therefore, this is a welcome and timely support for the championship club. It’s a package. Running a championship club continues to cost a lot of money without generating near-normal revenue. “

Contact Samindra Kunti, the author of this story. moc.l1617122993labto1617122993ofdlr1617122993owedi1617122993sni @ o1617122993fni1617122993

– Soccer Sports

EFL Secures £ 117m Loan To Fund Championship Club Through Covid EFL Secures £ 117m Loan To Fund Championship Club Through Covid

Back to top button