LONDON: The Premier League has reached an agreement with the English Football League (EFL) to provide a £250 million (US$336.13 million) bailout package for lower division clubs struggling financially due to the Covid-19 pandemic.
Premier League clubs gave their final approval to the agreement at a shareholders’ meeting on Thursday.
“A fund of £50 million in the form of a grant and monitored grant payments has been agreed for League One and Two clubs,” the Premier League said in a statement.
“The Premier League will provide a further financial commitment to assist the EFL in securing a £200 million loan facility that Championship clubs will be able to utilise interest free.”