The English Football League has decided to release a whopping £50 million as a short-term relief fund in order to help clubs overcome their cash-flow issues caused by the coronavirus outbreak.

The particular fund includes an early release of award payments as well as an interest-free loan.

The announcement was made soon after the EFL conducted a board meeting to discuss the pandemic's impact on the clubs.

Meanwhile, the EFL Trophy final between Portsmouth and Salford City that was originally due on April 5, has been postponed.

As per the terms of the relief fund, all the Championship clubs would receive an £800,000 award payment from the English Football League authorities on Thursday. Additionally, they would be eligible to apply for an interest-free loan of up to £584,000.

For the sides playing in League One, the figures would be £250,000 and £183,000, while for League Two clubs, they would be £164,000 and £120,000 respectively.

An additional £1 million from the EFL Futures pot will also be allocated to clubs on a pro-rata basis. Under this scheme, the clubs are rewarded for giving playing opportunities to home-grown players.

On Friday it was announced that all EFL encounters were postponed until at least 3 April to contain the outbreak. Meanwhile, the EFL has expressed its commitment to finish the ongoing season to protect competitive integrity.

An EFL statement read, "The board heard the comments and observations from EFL clubs, before discussing a number of issues including the current financial position and implications, insurance, regulatory matters, and broadcasting arrangements. Discussions centred on financial relief for clubs in the short term and while there is no one single solution, measures are to be put in place to immediately assist with cash flow via a £50m short-term relief package."

On Tuesday, a total of 47 League One and League Two clubs appealed to the EFL about facing an estimated loss of £50 million in case the campaign isn't resumed before the summer.

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Empty stadium Photo: AFP / PEDRO PARDO

On Tuesday, all 24 second-tier teams participated in a video conference. It has been understood that all the Championship clubs are unanimously supporting the completion of the season.

Meanwhile, the EFL has set up a task force to review the threat put forward by the coronavirus pandemic and its impact on competitions and clubs.