UEFA ‘close to £6billion rescue package’ to help deal with financial issues caused by coroanvirus

UEFA are close to finalising a £6billion rescue package to help European football recover from the financial impact of the coronavirus pandemic.

As reported by Bloomberg, UEFA have devised a three-pronged strategy to help clubs who had to deal with a lack of supporters in stadiums in addition to falling broadcast revenue. 

To combat the issue UEFA are proposing a funding facility of £1.7billion to £5.1billion.

UEFA are close to finalising a rescue a £6billion rescue package to help European football recover from the financial impact of the coronavirus pandemic.

In addition, there will be an emergency pot of money reserved to deal with future crises, while there will also be new rules on financial fair play. 

Clubs will be able to access funds at lower borrowing rates, while they will also be able to restructure existing debt over longer periods of five to seven years. 

UEFA are planning a salary cap to stop the likes of Chelsea and Manchester City having an unfair advantage

UEFA are also planning a salary cap as they look to prevent the likes of Manchester City and Chelsea from having an unfair advantage over other clubs. 

Although fans have now returned to stadium at many grounds, clubs are still feeling the financial impact of the pandemic.

Barcelona, who lost Lionel Messi, are among the clubs that are currently struggling financially

In July Deloitte reported that revenue in European football fell by 13 per cent to £21.4million. 

Barcelona, who were unable to keep Lionel Messi as he joined Paris Saint-Germain, are among the clubs that are struggling financially.