Premier League clubs approved a rescue package for League One and Two clubs at a meeting earlier today where they also agreed that the Project Big Picture proposals will not be pursued.

Project Big Picture, instigated by Liverpool and Manchester United and supported by EFL chairman Rick Parry, proposed a restructuring of the game which would have seen, among other things, the Premier League cut to 18 clubs, the big six - the two clubs who have been discussing the plan plus Arsenal, Chelsea, Tottenham and Manchester City - having a greater say in the running of the game and the potential scrapping of the League Cup and the Community Shield.

The FA would have been gifted £100 million and the EFL an initial £250 million and 25 per cent of shared media rights going forward.

The top flight clubs met online earlier today to discuss the plans and subsequently issued a statement.

“All 20 Premier League clubs today unanimously agreed that Project Big Picture will not be endorsed or pursued by the Premier League, or The FA,” the statement reads.

“Further, Premier League shareholders agreed to work together as a 20-club collective on a strategic plan for the future structures and financing of English football, consulting with all stakeholders to ensure a vibrant, competitive and sustainable football pyramid.

“Clubs will work collaboratively, in an open and transparent process, focusing on competition structure, calendar, governance and financial sustainability.

“This project has the full support of The FA and will include engagement with all relevant stakeholders including fans, Government and, of course, the EFL.

“Also at today's meeting it was agreed to make available a rescue package which aims to ensure that League One and League Two clubs will not go out of business as a result of the financial impact of Covid-19 and be able to complete the 2020/21 season.

“League One and League Two clubs rely more heavily on matchday revenue and have fewer resources at their disposal than Championship or Premier League clubs and are therefore more at risk, especially at a time when fans are excluded from attending matches.

“This offer will consist of grants and interest-free loans totalling a further £50 million on top of the £27.2 million solidarity payments already advanced to League One and League Two this year, making a total of £77.2 million.

“Discussions will also continue with the EFL regarding Championship clubs’ financial needs. This addresses Government concerns about lower league clubs' financial fragility.

“Football is not the same without attending fans and the football economy is unsustainable without them. The Premier League and all our clubs remain committed to the safe return of fans as soon as possible.”

Last month Parry, whose position as EFL chairman is in some jeopardy due to his involvement in Project Big Picture, said the clubs in the Championship, League One and League Two would require an injection of up to £250 million to get through the financial crisis created by the pandemic.

The £50 million package is 20 per cent of that total calculated on the basis that League One and Two clubs receive 13 per cent and seven per cent of the annual solidarity payments respectively.

The EFL released a statement in response to today's developments:
“The EFL will meet with all EFL clubs on Thursday to discuss the proposed financial support put forward today by the Premier League.

“The Premier League has written to the EFL in respect of a ‘much needed support package’ and provided details of an approved £50 million grant and loan facility for League One and Two clubs only.

“In addition, the Premier League has requested further discussions with the EFL regarding the nature of this proposal and also on future, potential loan funding for Championship Clubs in COVID-19 distress.

“The League will be not be commenting further until it has discussed the elements of the proposal with its membership.”

Regarding Project Big Picture the statement adds: “The EFL notes the position of the Premier League in respect of today’s discussions with its Clubs regarding the Project Big Picture proposals.

“As we have maintained across the past 72 hours, there is a significant issue facing the English footballing pyramid and therefore it is encouraging that there is an acknowledgment that a review of the current status quo is required, with a strategic plan to be developed to consider the future of the football.

“While by no means a finished product, Project Big Picture was developed to consider these same issues and address the challenges facing football from top to bottom.

“The EFL welcomes the opportunity to contribute to any wider debate with colleagues across the game as we seek to finally address impossible economic pressures and deliver on the objective of having a sustainable EFL in the long-term.”

Town owner Marcus Evans says the Blues could be £10 million down by the end of the season if the situation remains as it is with no fans able to attend games.

Photo: Matchday Images

Westy added 16:05 - Oct 15 When the FA set up the Premiership (of which Ipswich were founder members), it caused a split in the administration of English league football that had served the game well since 1888. Yes, it has meant greater wealth in the top flight that has attracted the World's best players but it has come at a cost - the inadequate flow of money to the lower leagues. The European Champions' League used to be the European Cup - the difference being that it used to knock-out from the first round, now it is a League until, the latter stages. I've always regarded this as an intermediate situation, and that in time, it will evolve into a European League for the massive clubs, the Global brands - Man Utd, Man City, Liverpool, Arsenal, Spurs, Barcelona, Real Madrid, Beyen Munich, Ajax, Juventus, Inter Milan etc., and these Clubs ultimately won't compete in their respective Countries domestic league, save perhaps a B Team or U21's as happens with the EFL Trophy. I say good riddance.

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