EFL to receive 250 million pounds bailout package from Premier League

(Reuters) - The Premier League has reached an agreement with the English Football League (EFL) to provide a 250 million pounds ($336.13 million) bailout package for lower division clubs struggling financially due to the COVID-19 pandemic.

Premier League clubs gave their final approval to the agreement at a shareholders' meeting on Thursday.

"A fund of 50 million pounds in the form of a grant and monitored grant payments has been agreed for League One and Two clubs," the Premier League said in a statement.

"The Premier League will provide a further financial commitment to assist the EFL in securing a 200 million pounds loan facility that Championship clubs will be able to utilise interest free."

(Reporting by Rohith Nair in Bengaluru; Editing by Toby Davis)