MetLife Investment Management (MIM), the institutional asset management business of MetLife, will provide GBP 117.5 million in financing to the English Football League (EFL) to strengthen the league’s financial support of its Championship Clubs

The financing agreement will allow the EFL to provide Championship Clubs with immediate additional funding following a difficult 12 months where many clubs’ finances were impacted by the Covid-19 pandemic. Championship Clubs have now played the equivalent of a full season without spectators in attendance due to pandemic preventative measures, impacting gate receipts and other matchday revenue streams.

Rick Parry, chair of the English Football League, says: “This past week has marked an unwelcome anniversary for football with supporters now being unable to attend matches for a 12-month period, resulting in multiple negative consequences. This is therefore a much welcome, timely package of support for Championship Clubs, whose operations have continued to incur significant costs without generating anywhere near normal levels of revenue.

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Soure: Private Equity Wire