The asset management arm of US life insurance company MetLife will provide the F …
The asset management arm of US life insurance firm MetLife will provide the English Football League with funding of £ 117.5million.
The funding is intended to strengthen the financial support of the English Football League (EFL) Champion Clubs, by making additional funds available immediately. It comes after a difficult year for many football clubs, with Covid-19 impacting their financial performance.
In a statement, EFL President Rick Parry noted the difficulties facing football clubs in recent times: consequences. “
Parry added that funding for MetLife’s New York Stock Exchange-listed asset management business, MetLife Investment Management (MIM) “is therefore a welcome and timely support package for championship clubs, including operations continued to incur significant costs without generating near normal levels of revenue ”.
Linklaters acted on behalf of MIM on funding championship clubs, which have lost around £ 150million in revenue since the Covid-19 pandemic. Julian Davies, head of the Linklaters advisory team, said in a separate statement: “This transaction is further proof of the fundraising capacity (even in these difficult times for sport) of British football and football clubs. British football. “
Parry added that the support will be “pivotal” for the clubs, allowing them to “reassess their financial situation and help them begin to prepare for their exit from the pandemic and to plan with more certainty for 2021/22 when we hope for it. many fans are back ”.
Over the past 15 years, MetLife Investment Management has played an active role in the sports industry globally. She has been involved in building stadiums and providing financial assistance to sports teams across Europe.
As of December 31, 2020, MetLife Investment Management had $ 130.9 billion in private capital assets under management and total assets under management of $ 659.6 billion.
Linklaters’ sports law practice advising MIM also included partners Adam Barr and Shamin Choudhury.
Swansea City Football Club obtained a significant investment of Stormlight Holdings in August of last year, while in January of this year, the sports investment business of US investment firm ALK Capital, Velocity Sports Partners, acquired a majority stake in Premier League football club Burnley FC.