Wallace hails financial lifeline for Conference clubs
Boro chairman Phil Wallace has hailed the �1m windfall given to Conference clubs from the Premier League as a massive step to making up for the collapse of Setanta. Wallace believes the �1m solidarity payment will give many clubs a lot of hope that the
Boro chairman Phil Wallace has hailed the �1m windfall given to Conference clubs from the Premier League as a "massive step" to making up for the collapse of Setanta.
Wallace believes the �1m solidarity payment will give many clubs a lot of hope that they can emerge from the financial black hole left from Setanta's demise this summer.
"It's the first time football at that level has got behind football lower down the pyramid and it's a relief for all the clubs because the problems have been mounting for a lot of clubs," Wallace told The Comet.
"It's a great gesture. There have been a lot of talks between the Conference board and the FA and it's great that this has been sorted out."
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The Premier League money will be dished out to all 68 members of the Football Conference with Wallace expecting to receive around �30,000 to �40,000.
While Wallace is delighted at the news, the Boro supremo did sound a note of caution that the club will still have to make savings to make up the shortfall in their original budget.
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"It doesn't make up for all the Setanta money - it makes everything a third easier. We lost around �100,000 from the collapse of Setanta and we should receive around �30,000 to �40,000 from this deal.
"But I think everyone would agree that it's a massive step. Clubs would have really struggled because the noose was getting tighter and tighter but this will obviously really help clubs."
Conference chairman Brian Lee, who helped to broker the deal, thanked the Premier League for the financial lifeline.
"We are extremely grateful to the Premier League in demonstrating their support to our members at a time when our clubs are feeling the pinch not only at the loss of our TV contract but the decline of anticipated income due to the financial position generally."
Premier League chief Executive, Richard Scudamore, added: "The Premier League clubs discussed the current financial difficulties facing their counterparts in the Conference and were happy to be in the position to help them out with some financial support.
"The Football Conference is clearly an integral part of the football pyramid as well as being extremely important to local fans and communities - it was absolutely the right thing to do at this time.