(Bloomberg) -- The English Premier League has reached an “agreement in principle” to bailout the lowest tier clubs in the English Football League, according to a statement from the EFL.
If agreed upon, the Premier League would provide 50 million pounds ($66 million) to the 48 clubs in the two lowest tiers of professional English soccer. The deal hinges on an agreement for an additional bailout by teams in the Championship, the second-highest level of English soccer.
Funds from the bailout will be used to cover lost ticket revenue brought on by the global Covid-19 pandemic.
“The EFL believes that today represents a significant step forward and is hopeful that a final agreement on the short term rescue package across all three divisions can be reached imminently which will provide much needed support, clarity and certainty for all EFL Clubs at a time when they need it most,” the EFL said.
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