Breaking news: A bit of breaking news for you this afternoon

Breaking news:

A bit of breaking news for you this afternoon.

The Premier League has agreed to provide a £250million bailout package for EFL clubs, it was announced today.

The EFL Board voted this morning to take the money on offer from the Premier League, which will be available immediately to address the immediate financial challenges caused by the Covid-19 pandemic.

The package includes £50m in the form of a grant and monitored grant payments for League One and Two clubs and an interest-free £200m loan facility for Championship clubs.

It means each of the 24 clubs in the second tier could now access £8.3m each.

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The Premier League and English Football League (EFL) have agreed a £250m rescue package to help ease the financial challenge faced by EFL clubs as a result of the coronavirus pandemic.

The EFL will be assisted in getting a £200m loan for Championship clubs.

A £50m grant has been agreed for League One and Two clubs.

EFL chairman Rick Parry said it was a "welcome, tangible commitment to the professional game at a time when it has needed it most"

The Premier League will pay up to £15m to help the EFL to secure a £200m loan which it will then lend to Championship clubs interest free.

Loans are capped at £8.33m per club and must be repaid by June 2024.

The £50m rescue package for Leagues One and Two is split into two parts - £30m will be paid to the 48 clubs as a grant based on missed gate receipts from the 2019-20 and 2020-21 seasons.

- League One clubs will receive a minimum payment of £375,000.

- League Two clubs will receive a minimum payment of £250,000.

- The remaining £15m will be distributed using a lost gate revenue share calculation.

- A further £20m monitored grant will be provided and clubs can apply based on need. A joint Premier League and EFL panel will determine club eligibility.

Clubs receiving a monitored grant will be subject to restrictions with respect to transfer spend and player wages.

"Our over-arching aim throughout this process has been to ensure that all EFL clubs survive the financial impact of the pandemic," said Parry.

"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."

Premier League chief executive Richard Masters 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 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."

The Premier League previously said a financial package for League One and Two clubs was intended to make sure they "will not go out of business as a result of the financial impact of Covid-19 and be able to complete the 2020-21 season".

Since March, football has been played behind closed doors until restrictions were lifted in some areas of England this week, meaning clubs have missed out on vital matchday revenue.

In October, EFL clubs rejected the Premier League's proposed £50m rescue package for League One and Two clubs, saying it "falls some way short" of the required amount.

Top-flight clubs made the offer after deciding not to pursue Project Big Picture.

But in November, clubs "agreed in principle" for those in League One and Two to receive the package from the Premier League.

The agreement came two days after after a parliamentary committee heard that 10 EFL clubs were struggling to pay wages.

The EFL board approved the deal on Thursday before Premier League shareholders then gave their final approval to the agreement.

"I warmly welcome this deal between the Premier League and the EFL which provides up to £250m support to help clubs through Covid," said culture secretary Oliver Dowden.

"I'm glad that football has come together to agree this substantial package. Fans are starting to return and we look forward to building on this as soon as it's safe.

"With a £250m support package for men's elite football and £300m Government funding for women's football, the National League and other major spectator sports we have fuel in the tank to get clubs and sports through this."

I guess this is great news for many clubs, particularly in the lower EFL (League One and League Two) but I would question the necessity of many (not all) Championship clubs to have a real 'need' to take out such loans and I include our own beloved Cardiff City FC in that

Hardship is hitting many clubs in the EFL and it is clear that 'emergency' help is required if we are to maintain the pyramid in its current form and prevent (in the main) the Premier League clubs from creating the 'lock in' they would so dearly like

On average, each Championship club could gain an 'interest free' loan amounting to £8.33m; but would that go up, if other clubs decline their 'share'? Or would it be means tested (not sure how)?

Either way, it could open up a way for some clubs who are currently weathering the storm reasonably well (and I'm including Vincent Tan's Cardiff City in here) to take some kind of advantage After all, is there anything to say what the money should/could used for?

Debt consolidation (great) or transfers in January (not so great)?

A lot of questions still to be answered; but for me, I don't see why our club should add to its current seemingly manageable debt y taking out a further loan that has to be paid back regardless of the lack of interest rate

As for the Premier League? I said before, beware Trojans bearing gifts....

I guess this is great news for many clubs, particularly in the lower EFL (League One and League Two) but I would question the necessity of many (not all) Championship clubs to have a real 'need' to take out such loans and I include our own beloved Cardiff City FC in that

Hardship is hitting many clubs in the EFL and it is clear that 'emergency' help is required if we are to maintain the pyramid in its current form and prevent (in the main) the Premier League clubs from creating the 'lock in' they would so dearly like

On average, each Championship club could gain an 'interest free' loan amounting to £8.33m; but would that go up, if other clubs decline their 'share'? Or would it be means tested (not sure how)?

Either way, it could open up a way for some clubs who are currently weathering the storm reasonably well (and I'm including Vincent Tan's Cardiff City in here) to take some kind of advantage After all, is there anything to say what the money should/could used for?

Debt consolidation (great) or transfers in January (not so great)?

A lot of questions still to be answered; but for me, I don't see why our club should add to its current seemingly manageable debt y taking out a further loan that has to be paid back regardless of the lack of interest rate

As for the Premier League? I said before, beware Trojans bearing gifts....

Yes last time premier league appeared generous was with tv deal and look at trojan horse that activated several years later? The plundering of efl clubs academies with little or no compensation.. and there was other things besides !

I guess this is great news for many clubs, particularly in the lower EFL (League One and League Two) but I would question the necessity of many (not all) Championship clubs to have a real 'need' to take out such loans and I include our own beloved Cardiff City FC in that

Hardship is hitting many clubs in the EFL and it is clear that 'emergency' help is required if we are to maintain the pyramid in its current form and prevent (in the main) the Premier League clubs from creating the 'lock in' they would so dearly like

On average, each Championship club could gain an 'interest free' loan amounting to £8.33m; but would that go up, if other clubs decline their 'share'? Or would it be means tested (not sure how)?

Either way, it could open up a way for some clubs who are currently weathering the storm reasonably well (and I'm including Vincent Tan's Cardiff City in here) to take some kind of advantage After all, is there anything to say what the money should/could used for?

Debt consolidation (great) or transfers in January (not so great)?

A lot of questions still to be answered; but for me, I don't see why our club should add to its current seemingly manageable debt y taking out a further loan that has to be paid back regardless of the lack of interest rate

As for the Premier League? I said before, beware Trojans bearing gifts....

Yes last time premier league appeared generous was with tv deal and look at trojan horse that activated several years later? The plundering of efl clubs academies with little or no compensation.. and there was other things besides !

Trust them (the Premier League) I do not, Allan (and that would stand even if we were still in it)

Trust them (the Premier League) I do not, Allan

Sven, are you Yoda in disguise?

I guess this is great news for many clubs, particularly in the lower EFL (League One and League Two) but I would question the necessity of many (not all) Championship clubs to have a real 'need' to take out such loans and I include our own beloved Cardiff City FC in that

Hardship is hitting many clubs in the EFL and it is clear that 'emergency' help is required if we are to maintain the pyramid in its current form and prevent (in the main) the Premier League clubs from creating the 'lock in' they would so dearly like

On average, each Championship club could gain an 'interest free' loan amounting to £8.33m; but would that go up, if other clubs decline their 'share'? Or would it be means tested (not sure how)?

Either way, it could open up a way for some clubs who are currently weathering the storm reasonably well (and I'm including Vincent Tan's Cardiff City in here) to take some kind of advantage After all, is there anything to say what the money should/could used for?

Debt consolidation (great) or transfers in January (not so great)?

A lot of questions still to be answered; but for me, I don't see why our club should add to its current seemingly manageable debt y taking out a further loan that has to be paid back regardless of the lack of interest rate

As for the Premier League? I said before, beware Trojans bearing gifts....

Yes last time premier league appeared generous was with tv deal and look at trojan horse that activated several years later? The plundering of efl clubs academies with little or no compensation.. and there was other things besides !

Trust them (the Premier League) I do not, Allan (and that would stand even if we were still in it)

Reading an article earlier and the business of change in the premier league as not gone away only aspect of it that definitely wont happen is the top 6 voting powers.... and changes may not be what's recently been muted they want but rest assured top 6 will manoeuvre subtle changes to suit themselves.

Trust them (the Premier League) I do not, Allan

Sven, are you Yoda in disguise?

Always enjoy your posts; you're quick to pick up...!

Personally I think the Premier League should be applauded for doing this.

They didn't have to bail out the EFL clubs. They could have stuck two fingers up to them and kept their money, which they have earned by being at the top table.

Others clearly disagree.

Damned if they do, damned if they don't.