Crawley Town set to receive at least £250,000 following rescue package agreement

Crawley Town are set to receive at least £250,000 following an agreement of a rescue package.

Thursday, 3rd December 2020, 4:10 pm
Updated Thursday, 3rd December 2020, 4:16 pm
The EFL

It follows the conclusion of negotiations between the EFL and Premier League to help clubs hit by the COVID-19 fall out.

The deal will see Stags get a minimum grant of £250,000 to be paid immediately from a £30m relief pot for League One and Two sides.

More cash could then follow based on a calculation of lost gate revenue during the 2019/20 and 20/21 seasons,

EFL Chair, Rick Parry, said: “Our over-arching aim throughout this process has been to ensure that all EFL Clubs survive the financial impact of the pandemic. I am pleased that we have now reached a resolution on behalf of our Clubs and as we have maintained throughout this will provide much needed support and clarity following months of uncertainty.

“I would like to thank Richard Masters and Gary Hoffman for their efforts on behalf of the Premier League, and of course their shareholders, for making this welcome, tangible commitment to the professional game at a time when it has needed it most.”

Richard Masters, Premier League Chief Executive, said:“The Premier League is a huge supporter of the football pyramid and is well aware of the important role clubs play in their communities. Our commitment is that no EFL club need go out of business due to COVID-19.

“All football clubs continue to suffer significant financial losses as a result of the pandemic, but Premier League Shareholders today unanimously agreed to provide additional funding and support for EFL clubs in real financial distress.

“We are very pleased to have reached this agreement and we stand together with the EFL in our commitment to protect all clubs in these unprecedented times..”

A further £20m ‘Monitored Grant’ is to be provided with clubs able to apply for it based on ‘need’, with a joint EFL and Premier League panel to determine club eligibility.

Clubs subsequently in receipt of a ‘monitored grant’ will be subject to certain restrictions, in respect to transfer spend and player wages.

Clubs who keep to the restrictions will not have to repay any of the funding required, whereas for Clubs in breach, the ‘monitored grant’ becomes repayable by the Club.