UEFA suspends 6000 million rescue plan for European football

Problems with the president of the university for fine sports in formulating the fund and distributing it among the clubs. The goal was to allocate this funding to mitigate the impact of COVID.

People familiar with the matter told Bloomberg that the European Football Association (UEFA) has suspended its plans for a multi-million dollar rescue fund that was preparing to help European football recover from the impact of the pandemic.

That package that the European football dean has worked on over the past year was awarded 6000 million euros, with a financing plan backed by Citi, and the goal was to allocate it to mitigate the effects of the epidemic due to the closure of stadiums. Low income, whether radio or commercial.

But the people said problems in defining the details of how the fund would be set up within UEFA and how the money would be distributed to clubs had put discussions on hold. The people said UEFA wanted to avoid disputes that could arise from both the oversight of teams and the potential delivery of money.

Talks may resume at a later time, Bloomberg continues, and the fund can still move forward. The agency is evaluating alternative options, including a joint venture with another agency or independent fund management entity.