English Football League (EFL) have agreed a new £117.5m funding package with MetLife Investment Management to support Championship clubs.
The new funding will enable Championship clubs to meet PAYE liabilities, with this announcement coming months after an agreement with the Premier League was made in December for £50m financial aid for League One and Two clubs.
EFL agreed this deal with MetLife Investment Management after a competitive bidding process was undertaken, in which the EFL received financial proposals from various private financing providers and UK banks.
MetLife Investment Management President, Steven J Goulart is ‘pleased’ to form a partnership with EFL to help support every team in England’s second-tier as they seek to build ‘a strong and sustainable football landscape’ as well as local communities of the clubs
Discussions were also held with the UK Government about loan options which were unable to progress due to imposed restrictions.
EFL also confirmed that Championship teams have lost approximately £150m in gate receipts and matchday revenue streams this season, as a direct result of no spectators being permitted except for those who selected in the limited pilot spectator events mid-season.
It has also been clarified by the EFL that MetLife Investment Management’s loan facility size matches the requested total amount of all 24 clubs in the Championship.
EFL chairman, Rick Parry has welcomed this ‘timely’ support package for all clubs and thanked MetLife Investment Management for their ‘positive, proactive approach’ throughout negotiations and for meeting ‘unique’ requirements.
Parry also spoke of how crucial this support will be for all teams in coming months, saying; “The support will be pivotal to Clubs being able to re-evaluate their financial position and help them start to plot their way out of the pandemic and plan with greater certainty for 2021/22 when we are hoping for the return of fans in large numbers.”
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