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Blues to Receive £2.7m From Premier League Bailout - Report
Wednesday, 23rd Dec 2020 16:14

Town, Sunderland and Portsmouth will reportedly receive £2.7 million each from League One's share of the Premier League rescue package announced earlier this month, payments which they won't be required to pay back.

According to The Sun, the £11.8 million in total will be split among League One sides according to lost revenue and, following a vote by the clubs, won't have to be repaid.

They report that the Blues, Black Cats and Pompey, the division’s biggest three sides, will each be handed £2.7 million from that overall sum with clubs receiving a minimum of £375,000.

Lost revenue was calculated from four main categories relating to 2019/20 and this campaign - season tickets refunds, season tickets still due, gate receipts and hospitality refunds.

In September, Town owner Marcus Evans estimated that the pandemic could cost the Blues as much as £10 million in lost revenue.

Photo: Matchday Images

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CokeIsKey added 16:20 - Dec 23
Assuming Lambert is on about £500,000 per year, with £2 Million we would be able to pay off the remaining 4 years on his contract, setting aside about £700,000 to cover the player's wages. Then Evans could simply promote Dyer and Butcher into the 1st team positions and we might actually be competitive in this league.

blues1 added 16:51 - Dec 23
Cokelskey. £700,000 to cover players wages? What planet are you on. Our actual wage bill is between £8-9m. And anyway, that money is to compensate for the amount of money the club has lost in the last 10 months. Which is more than that amount anyway. Some people really have no idea.

Pencilpete added 17:22 - Dec 23
It'll just go on running the club, it's not like we can use it on transfers because part of the agreement was that we can't pay transfer fees in the upcoming window

Saxonblue74 added 18:10 - Dec 23
Cokelskey, to assume makes an ass of u and me.

Saxonblue74 added 18:14 - Dec 23
....and why Terry Butcher? Started his managerial career with Coventry and Sundererland, slowly worked his way down the ranks through Scotland and ended up with the Philipines. Paired with Dyer who has no experience?

BangaloreBlues added 18:50 - Dec 23
This is great news for the smaller clubs who are in danger of folding.
Banks take taxpayers money then get bailed out with taxpayers money when greedy, criminal banksters decide to commit fraud, so finally nice to see some money going into the community.
Football clubs get booted out of the league when they get into financial trouble but banksters get promoted. It's such a breath of fresh air during these weird times we find ourselves in.
So, what does this have to do with banking?
Absolutely nothing, I just felt like having a rant.
Have a great Xmas everyone! :-)

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