MetLife Investment Management to Provide USD 161 Million / GBP 117.5 Million in Financing for English Football League
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 $130.9 billion in private capital assets under management1 and $659.6 billion in total assets under management.2