£8-million-plus loan option for Rotherham United in coronavirus aid package

A £200m fund is being set up to help any teams in the Championship that require financial aid.

Loans to second-tier sides like the Millers will be capped capped at £8.33m per club and must be repaid by June 2024 using PL solidarity receipts or other PL or EFL distributions.

A £200m loan will be secured by the EFL, with the PL providing a payment commitment of up to £15m to cover interest, arrangement fees and professional fees.

The EFL will then 'on-lend' to Championship clubs interest free.

£50m in grants - money that doesn't have to be paid back - is being made available to teams in Leagues One and Two whose purse strings have been hit hardest by lost gate receipts caused by the Covid-19 outbreak.

EFL chairperson Rick Parry, said: "Our over-arching aim throughout this process has been to ensure that all EFL clubs survive the financial impact of the pandemic.  I am pleased that we have now reached a resolution that will provide much-needed support and clarity following months of uncertainty."

PL chief executive Richard Masters said: "The Premier League is a huge supporter of the football pyramid and is well aware of the important role clubs play in their communities. Our commitment is that no EFL club need go out of business due to Covid-19."

The announcement came after a PL meeting at which top-flight teams unanimously agreed to back the scheme.