MetLife Investment Management to Provide USD 161 Million / GBP 117.5 Million in Financing for English Football League
MetLife Investment Management has announced a financing package worth USD 161 million to support the English Football League (EFL) Championship Clubs affected by the COVID-19 pandemic. This funding will help clubs facing financial difficulties due to the absence of matchday revenues over the past 12 months. The EFL chair, Rick Parry, emphasized the significance of this support for clubs to evaluate their finances and plan for the upcoming season. MetLife aims to strengthen the football sector while managing $659.6 billion in total assets.
- MetLife Investment Management provides $161 million to support financially struggling Championship Clubs amid COVID-19 impacts.
- This financing enables clubs to reassess their financial positions and plan for the future.
- Championship Clubs have experienced a year without spectator attendance, significantly reducing revenue.
MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced it will provide USD 161 million / GBP 117.5 million in financing to the English Football League (EFL) to strengthen the league’s financial support of its Championship Clubs.
The financing agreement will allow the EFL to provide Championship Clubs with immediate additional funding following a difficult 12 months where many clubs’ finances were impacted by the COVID-19 pandemic. Championship Clubs have now played the equivalent of a full season without spectators in attendance due to pandemic preventative measures, impacting gate receipts and other matchday revenue streams.
Rick Parry, chair of the English Football League, noted: “This past week has marked an unwelcome anniversary for football with supporters now being unable to attend matches for a 12-month period, resulting in multiple negative consequences. This is therefore a much welcome, timely package of support for Championship Clubs, whose operations have continued to incur significant costs without generating anywhere near normal levels of revenue.”
“I’d like to thank MetLife Investment Management for the positive, proactive approach they adopted throughout our negotiations and for meeting our requirements in what are a unique set of circumstances. The support will be pivotal to Clubs being able to re-evaluate their financial position and help them start to plot their way out of the pandemic and plan with greater certainty for 2021/22 when we are hoping for the return of fans in large numbers.”
“We know that a healthy and vibrant football environment with strong and resilient clubs is important for the U.K.,” said Steven J. Goulart, president of MetLife Investment Management and chief investment officer, MetLife, Inc. “We’re pleased to work with the EFL so that they can support their Championship Clubs with additional funding in a time of need, further building a strong and sustainable football landscape and ultimately supporting the communities of which they are a part.”
MIM’s Private Capital group has been an active participant in the global sports sector over the last 15 years, with the firm investing across a range of transactions, including stadium construction and team financing in countries across Europe. The group comprises private placements, infrastructure and structured credit investment management, and is active across a wide range of industry sectors, including general industrial, healthcare, professional services, retail, utilities, electric transmission, renewable power and social housing, among others. As of December 31, 2020, MIM had
About MetLife Investment Management
MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of December 31, 2020 had
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
Forward-Looking Statements
The forward-looking statements in this news release, such as “can,” “continued,” “may,” “plan,” “plot,” and “will,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.
Endnotes
1 As of December 31, 2020. At estimated fair value. Private Capital AUM is comprised of Private Corporates, Private Infrastructure, Residential Mortgage Loans, Alternatives, Middle Market Private Capital and Private Structured Credit.
2 Total assets under management is comprised of all MetLife general account and separate account assets and unaffiliated/third party assets, at estimated fair value, managed by MIM.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210329005685/en/
FAQ
What financing did MetLife provide to the English Football League?
Why did Championship Clubs need financial support from MetLife?
How will the financing from MetLife help Championship Clubs?
What is MetLife's total assets under management?
What impact did COVID-19 have on the English Football League?
