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UEFA Dumps Proposed €6bn Covid- 19 Relief Package for European Clubs

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European football governing body UEFA is reportedly shelving plans for a €6 billion financial package to help European football recover from the effects of the Covid-19 pandemic.

Bloomberg reports that the UEFA will not proceed with the €6 billion rescue package arranged with US Bank Citigroup. UEFA’s plans have been complicated by how the fund would fit within the governing body’s financial structure, particularly around the distribution to the clubs.

Read Also: UEFA to Ban Three European Heavyweights From Champions League

In the summer of 2021, UEFA proposed giving cash-strapped teams access to their future earnings from club competitions like the Champions League.

However, the plans seem to have foundered on the potential conflicts between UEFA both overseeing/regulating the financial viability of clubs and providing them with money. However, UEFA has not entirely discarded the idea and is weighing its options for the future, including a joint venture with other bodies.

In 2020, FIFA approved a $1.5 billion Covid-19 relief fund for world football. Member associations were eligible to apply for two tranches of $500,000 as well as $500,000 for the women’s game. Federations were also entitled to a minimum loan of $500,000 and a maximum loan of $5 million. In addition, each confederation could access a loan of up to $4 million.

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