Windfall could help Town's finances
IPSWICH are in line for an unexpected £430,000 windfall.Hard-up Town could collect the cash courtesy of the belated generosity of the Premier League and the Football Association.
IPSWICH are in line for an unexpected £430,000 windfall.
Hard-up Town could collect the cash courtesy of the belated generosity of the Premier League and the Football Association.
They are set to come to the rescue of beleaguered Football League clubs, struggling to make ends meet after the collapse of ITV Digital, with an emergency funding package that could yet total £15 million.
With 70 per cent earmarked for the hardest-hit clubs in the First Division, that would represent an early Christmas present of £430,000.
And even if the current round of high-level talks produce a £10 million hand-out, that would still add a timely £290,000 windfall to Town's coffers.
FA chief executive Adam Crozier, his Premier League counterpart Richard Scudamore and Professional Footballers' Association boss Gordon Taylor have led the meetings over the last few weeks with Colchester United chairman Peter Heard, the League's acting chairman, and Andy Williamson, its operations director.
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All parties say substantial progress has been made and it is now a question of how much and when – rather than if – any cash is to be distributed.
Given the severity of the financial crisis gripping the Nationwide League, the payments are expected to be sooner rather than later.
A £430,000 injection will, however, make little or no difference to clubs like Leicester City, Derby County and Coventry City, all of whom are reported to be up to £30 million in debt.
Premier League chief spokesman Philip French confirmed the cash rescue talks when he said: "We are currently sitting down with the FA and the Government.
"We are looking at a range of options to deliver real practical help to those Football League clubs which have been hit hardest by the ITV Digital collapse.
"There's a tremendous willingness on the part of the Premier League to help."