Norwich City to receive advance payment from Premier League - reports
- Credit: PA
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.
You may also want to watch:
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.
- 1 PRESSER LIVE: Norwich City v Bristol City - Pukki still out, Krul set to return
- 2 City confirm Dimitris Giannoulis deal
- 3 Buendia to Arsenal. Forget it, says City boss Farke
- 4 PROFILE: Raw determination and loan education helped City's incoming left-back emerge at PAOK
- 5 City legend details Webber conversation before sporting director appointment
- 6 Bullish Robins' boss pledges to mix it with Canaries
- 7 Spurs loanee Skipp is a centre-back's dream, according to City skipper
- 8 The Greek view on Norwich City new boy Dimitris Giannoulis
- 9 Cherries lose more ground on Canaries in promotion race
- 10 'Our own Heracles at left-back' - City fans delighted as Giannoulis completes loan move
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.