LOWER division clubs are set to finally accept the £50million Premier League bail-out this week – after the top flight agreed to look after Championship clubs as well.
The League One and Two clubs will hold virtual divisional meetings on Thursday when it is expected the bail out will be agreed nearly a month after it was rejected.
Since then, intensive discussions between the Prem and EFL chiefs have taken place as the cash crisis has deepened.
And both EFL chairman Rick Parry and Prem chief executive Richard Masters signalled a deal was at hand.
Speaking to MPs on the DCMS Select Committee, Masters explained: “We have put a proposal for League One and League Two and we’ll be happy to do one separately and then come to a resolution on the championship.
“But we need the EFL and the clubs to bind on for that.”
Parry, who has been at odds with Masters for more than a month, responded: “We would very much like to come to a deal with the Premier League and we are having constructive dialogue.
“In a gesture of solidarity, the League One and Two clubs said they did not want to abandon the Championship and wanted a deal for the league as a whole which was commendable.
“The Premier League has now said it is willing to consider a deal for the Championship so we can now move forward on that basis.”
Masters is aware that the EFL would prefer the whole of the £50m package to be available as a grant, rather than the initial offer with the second tranche of £30m as a loan.
That is likely to be agreed ahead of tomorrow’s meeting, allowing clubs to start accessing Prem funds, which Masters confirmed would take the total from the top flight to £100m.
The remaining sticking point had been a reluctance from Prem clubs to make an official offer to the Championship, many of whose owners are wealthier than those in the top flight.
But last week’s official confirmation from the Prem that “Championship clubs who are suffering significant COVID-19-related hardship” were able to ask for help was seen as a critical move to unblock the logjam.
Parry added: “Now we have a commitment that the Championship is going to be involved we can move forward with that.
“We have club meetings this week and will be taking that forward.”
