PREMIER LEAGUE supremo Richard Masters says top-flight clubs stand to lose £1BILLION from the coronavirus crisis – and defended them using taxpayers’ money to bail them out.
Chief executive Masters says there is a real danger some teams could even go bust if the lockdown forces the cancellation of the current season in a frank admission the English game is in financial crisis.
⚠️ Read our coronavirus live blog for the latest news & updates
Prem chief Richard Masters has backed club furloughing staff – and warned of a £1BILLION loss for football in the shutdownCredit: Getty Images – Getty
Liverpool bowed to public pressure by reversing their decision to furlough half their non-playing staff but Tottenham, Newcastle, Bournemouth and Norwich have turned to the state for help.
And Masters said: “We face a £1billion loss, at least, if we fail to complete season 2019/20 and further losses going forward if the seriousness of the pandemic deepens and extends into the future.
“Ultimately, the very heavy losses that we face will have to be dealt with or else clubs and other enterprises who depend on football for income will go out of business.
“We do not say this lightly, or to justify clubs’ decisions; it is a very real threat.”
The Premier League is under huge pressure to not only divert funds to help save lower league teams from going bust, but also to impose wage cuts on players.
MP Julian Knight, chair of the Department for Culture, Media and Sport, has called on Chancellor Rishi Sunak to impose a windfall tax on clubs if they do not slash salaries.
Like much of the productive economy in the UK, we are losing revenue at an unprecedented level
Premier League chief Richard Masters
And in a letter addressed to Knight in direct response to last week’s warning, Masters defended his members.
He said: “Like much of the productive economy in the UK, we are losing revenue at an unprecedented level.
“This would negatively impact not only the finances of the 20 Premier League clubs, but would also have a significant detrimental effect across the whole professional football landscape.
“The furlough scheme announced by Government is meant for the whole economy, including many enterprises which might be regarded as providing entertainment or otherwise dependent on elite talent.”
The furlough scheme allows businesses to claim back up to 80 per cent of salaries, but no more than £2,500-a-week for each individual.
Masters added: “We do agree with you that restraint needs to be shown by all and we and our clubs are doing just that.
“Individual clubs will need to make these decisions based on their own forecasts as each club will have its own unique position. Government’s measures have considered the whole economy.
“It is important to recognise that these decisions need to be taken with the short, medium and long-term all in mind.
Give now to The Sun’s NHS appeal
BRITAIN’s four million NHS staff are on the frontline in the battle against coronavirus.
But while they are helping save lives, who is there to help them?”]
The Sun has launched an appeal to raise £1MILLION for NHS workers.
The Who Cares Wins Appeal aims to get vital support to staff in their hour of need.
We have teamed up with NHS Charities Together in their urgent Covid-19 Appeal to ensure the money gets to exactly who needs it.
The Sun is donating £50,000 and we would like YOU to help us raise a million pounds, to help THEM.
No matter how little you can spare, please donate today here
“Not only is our industry facing losses now, but to be realistic, we must all also base our plans on full recovery being some distance away.
“Premier League finances are dependent on upon the receipt of money from broadcasts rights sales, distributed by the Premier League, as well as revenues generated by each club from matchday income and commercial sponsorships.
“With no matches being played, these resources have been temporarily halted, therefore clubs, like much of the UK’s economy, are facing tough decisions in relation to their future and their employees.”
Piers Morgan tears into Premier League clubs for furloughing staff
Source: Soccer - thesun.co.uk
