Coronavirus: Premier League to give clubs advance payment to aid with cash flow
Monday 20 April 2020 12:31, UK
Premier League clubs will receive an advance of millions of pounds each to assist their cash flow during the coronavirus pandemic, Sky Sports News has confirmed.
The Times reported all 20 clubs reached an agreement last Friday to receive a percentage of 'merit payments' in advance.
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The Premier League has agreed to advance part of the money owed to clubs at the end of the season and will vary depending on their current league position.
The advance payment is to assist clubs during a period of no income, including matchday revenue, due to the indefinite suspension of football.
It has not been disclosed how much each club will receive, and a further payment will be made at the end of the season.
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Clubs are expected to hold their next shareholders meeting later next week, after three conference calls in three weeks.
Payments were only one area of discussion at last week's meeting, with numerous updates having come from clubs and players since on the subject of staff furloughs, wage deferrals and possible pay cuts.
Most recently, Southampton became the first club to confirm staff had agreed to defer part of their salaries for the next three months to aid with cashflow while games remain suspended - manager Ralph Hasenhuttl, his coaching staff and players are all part of that move.
Liverpool reversed their decision to furlough a significant number of their staff and use the government's Job Retention Scheme after facing significant criticism from supporters groups.
Meanwhile, leading Premier League players have launched the #PlayersTogether fund which will benefit NHS charities.
