Portsmouth's crucial cash boost after Premier League pledge £50m - and scrap Project Big Picture

And it will provide a major financial boost to Pompey.

Moves to implement Project Big Picture had sparked controversy, with the Premier League elite attempting to wrestle greater control, while helping to bail out struggling lower division clubs.

However, at a Premier League meeting today, the top-flight’s 20 clubs unanimously rejected the proposal.

Instead, they have pledged £50m worth of grants and interest-free loans to be shared out among League One and League Two.

This will be in addition to the £27.2m solidarity payments which had previously been advanced.

A Premier League statement said: ‘Premier League Shareholders agreed to work together as a 20-club collective on a strategic plan for the future structures and financing of English football, consulting with all stakeholders to ensure a vibrant, competitive and sustainable football pyramid.

‘Clubs will work collaboratively, in an open and transparent process, focusing on competition structure, calendar, governance and financial sustainability.

‘This project has the full support of the FA and will include engagement with all relevant stakeholders including fans, Government and, of course, the EFL.

‘Also at today's meeting it was agreed to make available a rescue package which aims to ensure that League One and League Two clubs will not go out of business as a result of the financial impact of COVID-19 and be able to complete the 2020/21 season.

‘League One and League Two clubs rely more heavily on matchday revenue and have fewer resources at their disposal than Championship or Premier League clubs and are therefore more at risk, especially at a time when fans are excluded from attending matches.

‘This offer will consist of grants and interest-free loans totalling a further £50m on top of the £27.2m solidarity payments already advanced to League One and League Two this year, making a total of £77.2m.

‘Discussions will also continue with the EFL regarding Championship clubs’ financial needs.

‘This addresses Government concerns about lower-league clubs' financial fragility.

‘Football is not the same without attending fans and the football economy is unsustainable without them. The Premier League and all our clubs remain committed to the safe return of fans as soon as possible.’

A message from the Editor, Mark Waldron

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