So when the EFL announced their £50million ‘bail out’ on Wednesday evening many people were left asking: “What’s the catch?”
The gesture has been roundly praised in the game and will certainly get money to clubs who need it quicker than would normally have been the case.
But it is important to underline here that this is NOT a handout. It is money that would otherwise have been paid out over the course of several months.
Wanderers stand to receive around £250,000 in prize money payments and can also loan £183,000 interest free from the league. Another smaller payment, based on the EFL Futures Pot, will also be paid now rather than at the end of the season.
Hopefully the advance will be enough to avoid the catastrophes which were being predicted last week where several clubs faced administration, or the prospect of going out of business altogether.
It shows just what fine margins that clubs outside the Premier League are operating with, and why a lot more has to be done to bring finances in the game under better control when this conveyor belt starts up again.
The EFL has made plenty of mistakes in the last couple of years, and Wanderers fans won’t have many good words to say about the leadership which allowed previous ownership through the door, and then to run the club to the very brink. But on this occasion their speed of action definitely counts in their favour and should be commended.
There hadn’t been this sort of concern in football since the ITV Digital collapse and with no real guarantees on how long this might go on for, you cannot rule out more problems in the future.
In the meantime all we can do is sit and wait. I’d implore people to get involved in the Lifeline and Goldline Lottery – a fund completely independent of the club but which pays for vital equipment and facilities which help the players and the fans.
Other than that, stay safe, observe the rules and, to quote Bill and Ted: “Be excellent to each other.”