Bolton Wanderers Football Club Fan Forum for all BWFC Supporters.

You are not connected. Please login or register

Bolton Nuts » BWFC » Bolton Wanderers News » Bolton could get slice of £50m bail-out from EFL in COVID-19 crisis

Bolton could get slice of £50m bail-out from EFL in COVID-19 crisis

Go down  Message [Page 1 of 1]

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Wanderers will be offered emergency funding from the EFL to help them through the COVID-19 virus crisis.

The league has announced a £50million relief package to aid member clubs who have seen cashflow halted by the current lockdown on English football.

It is feared that several clubs could face administration – or worse – should the season remain on hiatus to an extended period but the bail-out is designed to ease the pressure on those who are hardest hit.

Wanderers have declined to comment on how badly their own financial position has been hit but face missing out on the revenue generated by four home games at the UniBol of their 10 remaining.

The fund is made up of award payments being paid in advance and then an interest-free loan facility being made available for those who require further help.

League One clubs are understood to get a £250,000 in prize money owed and can borrow a further £183,000.

The EFL Futures pot - valued for League One clubs at around £300,000 - will also be paid out immediately, rather than at the end of the season.

A statement from the EFL explained: “As part of the league’s continued contingency planning, the board heard the comments and observations from EFL Clubs, before discussing a number of issues including the current financial position and implications, insurance, regulatory matters and broadcasting arrangements.

“Discussions centred on financial relief for clubs in the short term and while there is no one single solution, measures are to be put in place to immediately assist with cash flow via a £50million short-term relief package.

“This fund consists of the remaining Basic Award payments being advanced to clubs immediately, with the remainder made up through interest-free loan facility available to clubs, calculated in line with the EFL’s Article of Associations.

“The cash injection is included as part of a series of measures, that includes potential Government support to help clubs and their associated businesses through this period of uncertainty. The EFL welcomes last night’s announcement made by the Chancellor of the Exchequer, and is continuing discussions to understand how our clubs can access the funding made available to support businesses.

“In addition, we will continue our discussions with our football partners to determine how we can all get through this difficult, challenging and unprecedented situation.”

The league will continue to liaise with the government over when they will stage the remaining games but say they aim to “deliver a successful conclusion” to the campaign.

Source

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum