England’s Euro 2020 heroes were each set to receive a £300,000 windfall after reaching the Euro 2020 final and the Football Association are finally set to pay out the lucrative bonuses
England’s Euro 2020 heroes are each set to pocket a lucrative bonus after the Football Association agreed to repay a Government loan worth £175million.
Gareth Southgate’s side reached the final with some impressive displays before suffering an agonising defeat in the final at Wembley in a penalty shootout to Italy.
It was the first time since their historic World Cup triumph in 1966 that England had reached a final of a major tournament, having reached the semi-finals at the World Cup in 2018 and Euro ’96.
And the FA recognised the Three Lions’ squad’s contributions by promising a £300,000 windfall for each player, according to The Sun.
Those bonuses were apparently put on hold because The FA had taken out a £175m loan from the Government which needed to be repaid first.
The money was borrowed under the Covid Corporate Financing Facility (CCFF), which requires a commitment to “pay restraint” unless the money is repaid in full by May 19.
As a result, the players had been yet to receive their bonus payment for their achievement over the summer.
But the report claims that the amount will be transferred in full to the national coffers by the end of Friday.
And that should give the green light for Southgate’s 26-man squad to be handed their £300,000 payment per player, totalling a cool £7.8m.
The figure is comprised of an already-agreed deal which will see The FA retain 60 per cent of the total prize money earned during the international tournament.
The rest of the funds would then be divided up between the players, Southgate’s coaching staff and members of the backroom team.
It has been a period of uncertainty for The FA, who were hit by the absence of fans in stadiums during the coronavirus pandemic.
FA bosses were forced to request a temporary cash injection in December 2020 when it became clear they would struggle to continue trading without revenue for Wembley and other ventures.
The absence of fans in stadiums for high-profile matches such as the FA Cup final in May 2020 and similar domestic finals would have resulted in a significant reduction in ticket revenue.
It is also believed The FA were unable to meet contractual obligations for their sponsors and suffered a dent in their coffers.
But finances have improved after hosting all but one of England’s seven fixtures at Euro 2020, with a significant portion of fans welcomed back into Wembley for the first time since March last year.
And that means the likes of Harry Kane and Raheem Sterling should receive their payments after starring for their country over the summer.