Uefa close to US$7 billion package to help football clubs recover from cost of coronavirus pandemic
- Funding part of strategy to assist clubs after more than a year of stadium closures and falling broadcast revenue
- European football governing body’s plan involves emergency pot of money to guard against future crises, and new rules on financial fair play
Uefa is putting the final touches to a rescue package valued at as much as €6 billion (US$7 billion) to help European football recover from the impact of the pandemic, according to people familiar with the matter.
The funding is part of a proposed three-pronged strategy by the football governing body, to be outlined in the coming weeks, to assist clubs after more than a year of stadium closures, as well as falling broadcast revenue.
Uefa’s plan involves a funding facility of €2 billion to €6 billion, an emergency pot of money to guard against future crises and new rules on financial fair play, the people said, asking not to be identified discussing confidential information.
Under the proposals, clubs will have access to funds at lower borrowing rates and be able to restructure existing debt over longer periods of five to seven years, the people said.
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Uefa has been in talks with London-based investment firm Centricus Asset Management over financing the plans, Bloomberg reported in April.
A representative for Uefa declined to comment.