EFL: a £117.5m funding package from MetLife Investment Management for Sky Bet Championship clubs

"The EFL has today agreed a new £117.5m funding package from MetLife Investment Management, the institutional asset management business of MetLife Inc., to support Sky Bet Championship clubs in meeting PAYE (Pay As You Earn) liabilities," announced the English Football League on 29/03/2021.

The additional funding comes after the 72 clubs that comprise the English second, third and fourth divisions, agreed to accept a "rescue package" proposed by the Premier League, namely a financial contribution of £50m (€55m, in the form of grants and interest-free loans) to the clubs of Sky Bet League One and Sky Bet League Two, to cover ticketing losses for clubs, which have been particularly affected by a lack of matchday revenue due to the absence of spectators in stadiums as a result of Covid-19, on 12/11/2020.

"This funding commitment from MetLife Investment Management will provide immediate additional funding to Championship clubs (24 in total), who have now played the equivalent of a full season without spectators in attendance and during which time have lost approximately £150m in gate…