The FA borrow £175m from the Bank of England to help ease pressure on finances during the coronavirus pandemic with the governing body bracing for losses of £300m
- The FA have taken out a £175m loan from Bank of England to protect finances
- The governing body are on course to lose up to £300m due to the pandemic
- They have taken advantage of the same scheme as Tottenham did in June
The FA have borrowed £175million from the Bank of England to ease the pressure on their finances brought on by the coronavirus pandemic.
They are bracing for losses of up to £300m so have taken advantage of the Government’s Covid Corporate Financing Facility (CCFF) — as Tottenham did in June at an interest rate of 0.5 per cent.
Spurs’ loan must be repaid in full by the end of March, but it is not yet clear how long the FA have to pay off their debt.
The FA have taken out a loan of £175million to help protect their finances during the pandemic
The CCFF is available to companies who can prove they make ‘a material contribution to the UK economy’, and has also been used by John Lewis and Rolls-Royce.
Meanwhile, Trevor Birch will become the EFL’s new chief executive from January 1.
Birch, who is currently director of football operations at Tottenham, succeeds David Baldwin, who only started in the role in June.
Birch said: ‘I have thoroughly enjoyed being a part of Spurs, however the opportunity to play a role in the EFL at such a crucial time is one I couldn’t turn down.’