Norwich City to receive advance payment from Premier League - reports
PUBLISHED: 12:23 09 April 2020 | UPDATED: 12:28 09 April 2020
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Premier League clubs, including Norwich City, are to be given an advance payment worth millions of pounds to assist with their cashflow problems during the coronavirus pandemic, according to reports.
Discussions have already started inside Carrow Road on how to mitigate anything up to a £15m deficit in lost matchday revenue, ticket sales and the knock on effects to existing commercial deals should the campaign not return.
Sporting director Stuart Webber confirmed the club had ‘difficult days ahead’ when he addressed the potential impact to the club’s finances that this hiatus from footballing activity would have on City.
Other top-flight clubs have gone further, with Burnley speaking about a potential £50m shortfall if the pandemic halts football for a substantial period of time.
Broadcasters are reportedly holding payments to the Premier League due to the suspension, meaning top-flight clubs are left without income.
The Premier League has agreed to advance part of the money owed to clubs at the end of the season which will vary depending on their current league position, according to a report by the Times.
This payment is aimed to assist clubs struggling with cashflow problems as income streams have suddenly dried up due to a lack of games and limited commercial activity.
The figures received haven’t been disclosed, although clubs are said to be set to get a further payment in the summer.
Clubs are expected to hold another stakeholders meeting with the Premier League next week, with payments on the agenda, according to the report.
City are one of the clubs to furlough non-playing staff using the government’s Job Retention Scheme. 80% of wages are paid by the government with the club topping up the extra 20% to prevent staff members being out of pocket.
Southampton became the first club to defer pay in order to prevent the furloughing of non-playing staff throughout April, May and June.
City’s squad have donated a fee in excess of £200k to local charities whilst also deciding to partake in #PlayersTogether, designed to allowed Premier League footballers to donate to help the NHS.