All 20 Premier League clubs and English Football Association have unanimously refused to endorse or pursue Project Big Picture following a meeting.
Premier League clubs however have agreed to work together as a collective on creating a ‘strategic plan for the future structures and financing of English Football’ in consultation with all stakeholders in order to ensure a competitive football pyramid that is sustainable.
In a statement, the Premier League confirmed that clubs will work openly and ‘collaboratively’ with the sport of FA, fans, EFL and Government in a transparent process which will focus specifically on the competition structure, calendar, governance and ensuring financial sustainability.
Premier League clubs have also agreed to make a rescue package available for specifically League One and Two clubs in order to ensure that all 48 teams across both tiers can complete the 2020-21 season, without going out of business due to the financial impact of Coronavirus.
It has been confirmed that the rational behind only clubs in the third and fourth tiers of English Football being eligible for the rescue package is that League One and Two teams rely on matchday revenue and have fewer resources available than those of Championship and Premier League, with the package consisting of grants and interest-free loans totalling £50million.
The package on top of solidarity payments of £27.2m already paid to League One and Two clubs this season means that teams in those divisions will receive a total of £77.2m to help starve off any financial risk of going bust.
Premier League will meanwhile continue discussions with the EFL concerning the Championship’s financial needs which addresses concerns from UK Government around the ‘financial fragility’ of clubs in the Championship.
All teams in the Premier League also reiterated that ‘Football is not the same without attending fans and the football economy is unsustainable without them’ and that their commitment to ensuring the safe return of fans as soon as possible is ongoing, following the release of an open letter alongside EFL, FA and WSL last week calling for the return of fans to stadiums.