CoventryLive brings you the most recent news about Coventry City and the EFL as they try to reach a new funding arrangement with the FA and Premier League.
According to EFL chairman Rick Parry, football’s independent regulator gives the sport a once-in-a-lifetime opportunity for a “reset” that can safeguard English teams like Coventry City and the communities they serve.
The King’s Speech on Tuesday contained legislation that would eventually result in the establishment of a new regulator. In order to guarantee that professional teams in the top five divisions of English football are financially stable, ethically managed, and answerable to their supporters, the regulator will implement a licensing system.
An EFL impact report released by the league in January highlighted the value of clubs to their local communities. It revealed that during the 2021–22 season, over 840,000 people participated in EFL club community activities for nearly 580,000 hours, contributing over £865 million in social value to towns and cities nationwide.
Clubs’ ability to continue doing that valuable work has been boosted by the launch of the Building Foundations Fund on Wednesday. EFL title partner Sky Bet will invest £1million a year in the fund across the course of the six-year sponsorship deal, with community trusts able to bid for grants of up to £100,000 to invest in ongoing programmes or to develop new initiatives.
To mark the start of the fund, each club community organisation is being given £10,000.
“(The fund) will enable clubs to make lasting contributions in people’s lives – that’s not overstating it,” Parry told the PA news agency.
“The £6 million that Sky Bet has invested will go a long, long way because the club community organizations are known for their extremely effective operations.”
Regarding the “New Deal” negotiations between his league, the Premier League, and the Football Association, Parry struck a very upbeat tone.
The agreement includes reforms to the calendar to accommodate the expansion of UEFA club competitions the following season, as well as cost control measures and a new financial agreement on the distribution of television revenue.
When Premier League clubs convene again on November 21, PA understands they may be asked to approve the New Deal. Parry responded, “We are moving forward constructively.”
“We are really hopeful that we will come to a solution very, very soon. There’s been a really strong mood from top to bottom (in the EFL) that we do have a responsibility to make sure that any income and revenue is used sustainably and doesn’t just go to increased costs that would exacerbate the problems that already exist.
“We still have the cliff edge between the Championship and the Premier League. We still have the cliff edge within the Championship because of parachute payments. So we haven’t solved the problems overnight. We’re stepping firmly in the right direction we hope, but there is more still to do.”
The Sky Blues came within a penalty shoot-out of reaching the Premier League and accessing the vast wealth on offer in football’s top flight but lost out in the play-off final. Instead the remain in the Championship competing with the likes of Leicester City, Leeds United and Southampton who were relegated last season but benefit from parachute payments this season. All three are in the top four of the league at present. while City are 20th.
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