UEFA to provide clubs with up to 6B euros in financial aid

UEFA is putting the final touches to a rescue package valued at as much as $7 billion to help European soccer recover from the impact of the pandemic, Report informs referring to Bloomberg.

The funding is part of a proposed three-pronged strategy by the soccer 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 euros to 6 billion euros, an emergency pot of money to guard against future crises, and new rules on financial fair play.

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.

UEFA will seek to prevent clubs with super-rich owners, which include the UK’s Chelsea FC and Manchester City FC, from gaining an unfair advantage in European leagues by introducing new caps on player salaries.