The Premier League and EFL have announced a new £250m financial package to help lower league clubs through the coronavirus pandemic.
The package will see Sky Bet Championship clubs assisted with a £200 million loan, with a £50 million grant already agreed for teams in Leagues One and Two.
Top tier clubs gave their final approval to the agreement at a Premier League shareholder meeting, following earlier approval by the EFL Board.
“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,” said Richard Masters, CEO, Premier League.
“All football clubs continue to suffer significant financial losses as a result of the pandemic, but Premier League Shareholders today 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.”
EFL Chair, Rick Parry, added: “Our overarching aim throughout this process has been to ensure that all EFL Clubs survive the financial impact of the pandemic. 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.
“I would like to thank Richard Masters and (Premier League Chair) Gary Hoffman for their efforts on behalf of the Premier League, and of course their shareholders, for making this welcome, tangible commitment to the professional game at a time when it has needed it most.”