The English Football League (EFL) has secured a £117.5million lifeline from American MetLife Investment Management to help Championship clubs suffering from the loss of fans due to the Covid-19 pandemic...
MetLife Investment Management (MIM) the institutional asset management business of MetLife, Inc. will provide USD 161 million / GBP 117.5 million in financing to the English Football League (EFL) to strengthen the league’s financial support of its Championship Clubs. The second tier Clubs have now played the equivalent of a full season without spectators in attendance due to pandemic preventative measures, impacting gate receipts and other matchday revenue streams resulting in an approximate loss of £150million.
The total sum will be made available to the 24 clubs through loans in order to ensure they meet payment deadlines as they approach the end of a season overshadowed by the protracted absence of matchday spectators.
In a statement released, the EFL stated the agreement came after a "competitive bidding process" including "a wide range of private financing providers" as well as the UK Government, although a loan option "could not be progressed due to the restrictions being imposed".
