Premier League clubs are set to receive an advance on the prize money they were due to collect at the end of the season in a bid to ease their cash flow problems due to the suspension of football owing to the coronavirus pandemic.
According to The Times, all 20 top flight sides agreed last week to be given part of their cash allocation – which varies according to their final position in the league standings. Four clubs have put their non-playing staff on furlough, and have signed up to the UK government’s Job Retention Scheme for the taxpayer to cover 80 percent of their wages.
Exclusive – Premier League clubs to receive millions of £ in advance prize money based on last League position to ease cash flow crisishttps://t.co/RYwWIElodL
— Martyn Ziegler (@martynziegler) April 9, 2020
In an open and honest statement, Burnley admitted last week that they will lose around £50m due to the suspension of England’s top flight, despite having recorded pre-tax profits for three straight seasons, with a wage bill that is among the lowest in the division.
The report goes on to state that those clubs currently near the top of the league will reportedly receive more than £20m, while the clubs near the bottom will get a not-insignificant sum in the region of several million pounds.
The Premier League has already received all of its broadcast income for 2019/20 but if the current season cannot be completed, a big chunk of that will have to be paid back to the likes of Sky, BT Sport, and overseas rights holders.
Clubs have been hit hard by the coronavirus crisis, with no games being played in the last month in a bid to prevent the deadly disease spreading. They are also yet to agree on pay cuts with players after talks over a proposed 30 percent reduction failed to reach a conclusion last weekend.