EFL meet to discuss Premier League’s £50m rescue package offer after Project Big Picture rejected
Project Big Picture was rejected by Premier League clubs at an emergency meeting
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Your support makes all the difference.The English Football League will discuss the £50m rescue package offered by the Premier League to League One and League Two clubs on Thursday after Project Big Picture was rejected at an emergency meeting.
The controversial proposal, led by Liverpool and Manchester United, would have centralised power with England’s ‘Big Six’ while handing a £250m bailout to the EFL. Among clubs in the lower leagues, Project Big Picture had gathered overwhelming support, with many facing dire financial situations.
However, after it was “unanimously agreed that Project Big Picture will not be endorsed or pursued" at a vote in which Premier League clubs outside the ‘Big Six’ expressed their absolute opposition, a £50m package was offered by the top flight in order to support clubs further down the football pyramid.
“Also at today's meeting it was agreed to make available a rescue package which aims to ensure that League One and League Two clubs 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," the Premier League confirmed in a statement.
"League One and League Two clubs rely more heavily on matchday revenue and have fewer resources at their disposal than Championship or Premier League clubs and are therefore more at risk, especially at a time when fans are excluded from attending matches.
“This offer will consist of grants and interest-free loans totalling a further £50 million on top of the £27.2m solidarity payments already advanced to League One and League Two this year, making a total of £77.2m. Discussions will also continue with the EFL regarding Championship clubs' financial needs. This addresses Government concerns about lower league clubs' financial fragility.”
The EFL subsequently confirmed it will convene on Thursday to discuss the Premier League’s offer of a “much-needed support package", while also expressing its encouragement at the promise of an urgent review to protect the football pyramid.
“The EFL notes the position of the Premier League in respect of today’s discussions with its Clubs regarding the Project Big Picture proposals,” a statement read.
"As we have maintained across the past 72 hours, there is a significant issue facing the English footballing Pyramid and therefore it is encouraging that there is an acknowledgment that a review of the current status quo is required, with a strategic plan to be developed to consider the future of the football.
"While by no means a finished product, Project Big Picture was developed to consider these same issues and address the challenges facing football from top to bottom.
“The EFL welcomes the opportunity to contribute to any wider debate with colleagues across the game as we seek to finally address impossible economic pressures and deliver on the objective of having a sustainable EFL in the long-term.”
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