Peterborough United to receive a cash boost after Premier League agree a £50 million rescue package with the EFL

The relief package will provide a combined fund of £50 million for League One and League Two clubs, with £30million to be paid to all 48 EFL clubs as a grant and a further £20 million available on application as a ‘monitored grant’.

Details are as follows:

A £30million grant to be paid immediately from the Premier League to EFL Clubs for distribution based on lost gate receipts in respect of the 2019/20 and 2020/21 seasons because of the coronavirus crisis.

Each club will receive a minimum payment of £375,000 in League One and £250,000 in League Two.

The remaining £15m to be distributed using a lost gate revenue share calculation, which will be approved by both the EFL and the Premier League.

In addition, 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.

Any club in receipt of a grant or monitored grant payment will be required to continue to maintain compliance with the EFL’s financial regulations.

The Premier League will provide a further financial commitment to assist the EFL in securing a £200m loan facility that Championship Clubs will be able to utilise interest free.