EFL clubs turn down Premier League's £50M rescue package

The English Football League (EFL) rejected a £50-million bailout package from the Premier League on Thursday.

In a meeting between the organization's 72 clubs, it was decided the Premier League's offer fell "some way short" of what is required to cover the financial issues that are troubling divisions below the top flight, the EFL confirmed in a statement.

EFL executives and clubs were also in strong agreement that each of its members should be supported by any such deal. The package proposed by the Premier League was designed to help clubs in League One and League Two and excluded the Championship, according to The Guardian's Ben Fisher.

Moreover, clubs reportedly want the EFL to dictate where any financial support goes in tiers 2-4, rather than the Premier League. Lower-level clubs are in greater danger of going out of business while the coronavirus pandemic cuts their gate receipts, non-matchday income, and sponsorship revenue, but there are Championship sides also in need of financial aid.

A Championship source stressed to Fisher that the EFL is "72 clubs, not 48." An unnamed chairman from League One described the Premier League's offer as "embarrassing, disgraceful, and disingenuous" and akin to giving a "starving child tidbits to survive."

The financial hole in the EFL is believed to be closer to £250 million, which was included as an immediate payment from the Premier League in Project Big Picture, the controversial plan to overhaul the English professional pyramid that was thrown out on Wednesday. The EFL and its members reportedly appreciate that Project Big Picture was "one step too far," but they are seeking an offer closer to the proposed £250-million amount.