Spanish FA lends financial support to LaLiga clubs with package worth €500 million

Spanish FA (RFEF) has anunced a bailout plan of €500 million to help first and second division clubs financially. Spain has emerged as one of worst affected countries by coronavirus pandemic in world, which led to suspension of LaLiga, accruing huge losses for clubs.

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Spanish FA offers bailout pack to LaLiga clubs

LaLiga was suspended until April on March 12 due to coronavirus outbreak. suspension has impacted clubs financially due to loss of brocasters’ revenue. Meanwhile, clubs also lost out on matchday incomes. During such times of distress, Spanish FA has come forward to bail out debt-ridden clubs.

Spanish FA offers bailout pack to avoid LaLiga clubs going bankrupt

Spanish FA president Luis Rubiales confirmed bailout pack earlier this week. He claimed that y were willing to lend support to professional football in Spain. He claimed that he was willing to interact with LaLiga clubs to help m avoid bankruptcy.

Spanish FA president has asserted that y have held talks with several banks and are willing to offer a line of credit worth €500 million. clubs will also get flexibility of repaying amount over a six-year period, said president.

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Spanish FA denies possibility of resuming LaLiga soon

LaLiga president Javier Tebas h cited May 18 as deline date for LaLiga to resume. He also hoped that league fixtures will be completed by June 30. However, Spanish FA president has claimed that it is practically impossible to resume competition by mid-May. He claimed that re were temporary hospitals set up in Mrid while military emergency units were out on streets, meaning it was difficult to resume anytime soon.

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Coronavirus in Spain: Real Mrid, Barcelona face heat

Spain has emerged as one of hotspots of coronavirus pandemic. This led to a complete lockdown of country. Suspension of LaLiga has impacted likes of Barcelona and Real Mrid financially. re were reports suggesting that Barcelona could ask ir players to take a pay-cut to help club during times of financial distress. Under se circumstances, a bailout pack might help clubs to a great extent. 

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