COVID-19: FIFA prepares massive bailout package for clubs

World football governing body, FIFA have got a plan to help clubs through the damaging financial consequences of the coronavirus crisis. Gianni Infantino’s plan is to give the clubs up to five billion euro.

A rescue plan, that is what FIFA are working on. The objective of football’s world governing body is to have an economic fallback in place for clubs who may struggle to survive as a result of the coronavirus.

According to ‘The New York Times, which cites FIFA sources, they are counting up the losses through sponsorship deals, television, ticketing and other aspects of football clubs. This rescue plan is to combat the terrible effect COVID-19 is having on clubs. Numerous clubs have reduced their players’ salaries, made people redundant and some may even go bust…

Clubs like Juventus have agreed a pay cut with their footballers which will allow them to save 90 million euros. Barcelona’s players are taking a 70% cut while Real Madrid are also considering taking measures. All football has ground to a halt. Bayern, Dortmund and other German clubs have created a fund to help the smaller sides. No help is too much.

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“FIFA is in a strong financial situation. Our duty is to do the utmost to help them in their hour of need. FIFA is working on possibilities to provide assistance to the football community around the world after making a comprehensive assessment of the financial impact this pandemic will have on football,” FIFA said in a statement sent to the ‘AFP’.

Estimations reckon that FIFA have more than 2.4 billion euros in surplus to help clubs who need the money. Infantino predicts the fund could have up to five billion euros, as Ramon Fuentes and Jose Felix Diaz reveal on ‘Sport’ and ‘Marca’ respectively. Any type of decision made would have to be approved by the FIFA Executive Committee.