LONDON: England players will share a bonus of up to £ 12 million if they win the European Championship, but will only receive the remuneration by the autumn.
Under the terms set by the Bank of England when providing a £ 175 million loan to help them deal with the impact of the COVID-19 pandemic, the Football Association (FA) is banned from paying any bonuses or dividends until the debt is settled, as early as this September.
Arsenal chose to repay their loan early last month to give them room to spend in the transfer market.
Yet the FA has no plans to change the terms of their loan, which was obtained through the Government’s COVID Corporate Finance Facility (CCFF).
The bonus amount is the largest ever offered to England players at a major tournament following an increase in the total number of prizes by the European Football Association (UEFA).
Cash prizes will increase depending on the progress of each team. The champions will receive a maximum of 30 million pounds if they win all group stage matches.