A TOP Premier League club is reportedly ‘losing £9m-A-WEEK’ due to the coronavirus pandemic which could force them into a £100m bank loan.
Top flight clubs are still having to stump up the cash for players’ wages, which are their biggest costs, without receiving any income amid the coronavirus crisis.
A top Premier League club is ‘losing £9m-A-WEEK’ due to coronavirus
According to the the Daily Mirror an unnamed Premier League club is losing an eye-watering £9million-a-week and might have to take out a £100m bank loan to cover the potential losses.
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As the killer virus continues to sweep across the nation there has been no official return date put on the Premier League.
And many clubs are already struggling to cope with the loss of matchday revenues.
Top flight sides are also facing the possibility of having to cough up a whopping £750million fine to broadcasters if they are are unable to complete the season.
Talks with the PFA over a collective approach for all Premier League sides broke down last week, leaving individual clubs to take things forward as the pay row rumbles on.
Burnley chairman Mike Garlick warned the club will collapse in August if the football lockdown has not ended by then with £50million of revenue and TV cash on the line.
Bournemouth have expressed similar concerns and West Ham and Southampton have so far agreed wage deferrals with their players, while Watford are set to become the third side, according to reports.
Chelsea aces have unanimously agreed to take a £10million hit for the next four months to ease the club’s cash woes.
A ten per cent pay cut kicks in from next month and will run until the hoped-for start date of the new season in September.
While Arsenal stars have agreed to accept a 12.5 per cent pay cut in a deal which includes a £550k bonus for winning the Champions League in 2021.
Brighton owner Tony Bloom and chief executive Paul Barber fear clubs will go bust with players suffering more in the long term if pay cuts are not agreed soon.
Barber said: “We’re in the midst of football’s worst crisis and we need everyone pulling in the same direction.
“The worst thing we can have is for clubs to go out of business because that isn’t going to help players at all. Because there will then be fewer jobs for those players.”
Bloom urged the players’ union to look at the longer-term picture and show more flexibility about the principle of their members taking short-term pay cuts.
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The £1.6BILLION owed in transfer fees could also see some clubs go to the wall, according to reports.
Clubs owe each other “millions in transfer fees”, and one sides’ failure to pay up could cause a “domino effect”.
If fees are not received, clubs could then subsequently default on bank loans leading to financial ruin.
Premier League outfits are still split over how to restart the season.
Friday’s most recent meeting involving the 20 teams saw one Big Six executive call out the sides who proposed a June 30 cut-off point.
The leading club chief tore into them on the video call to demand they stick with the League’s position of playing out the season.
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