LONDON (AP) — The Premier League agreed to a rescue package Thursday worth 250 million pounds ($330 million) to ease the financial burden on lower-division teams in English soccer as a result of the coronavirus pandemic.
After months of negotiations, Premier League clubs gave their approval for a loan of 200 million pounds ($265 million) that second-division Championship clubs will be able to utilize interest free.
A fund of 50 million pounds ($65 million) will go to clubs in League One and League Two — the third and fourth divisions.
“Our commitment is that no English Football League club need go out of business due to COVID-19,” said Premier League chief executive Richard Masters, noting the importance of the lower-division clubs to their communities.