The Premier League should borrow against future television
earnings to safeguard English football's financial survival says Gary Neville.
The Sky Sports pundit believes the league and its 20 member
clubs must act and hopes the appointment of new chairman Gary Hoffman will be a
Former Coventry chairman Hoffman's appointment was ratified
unanimously by the clubs on Friday, and he will succeed interim chair Claudia
Arney on June 1.
Neville, who is a co-owner of League Two side Salford, said
on The Football Show on Sky Sports: "He (Hoffman) will understand the
predicament of lower league clubs.
"I said four weeks ago before this started the kind of
huge opportunity here to do the right thing and prop the game up.
"I mentioned that they should go and borrow a billion
pounds - it was a number, to be fair, I just said flippantly at that time
against the future income sources.
"The future revenues are into the 10s of billions in
the Premier League and more if they wanted to extend their TV contracts.
"The idea of basically borrowing at this time 300 or
400 million, 500 million pounds, which is more than an affordable number, doing
a soft deal with a bank on a loan to give the FA (Football Association), the
EFL (English Football League), the players, whoever it is - the National League
need 15 million.
"I've gone from opportunity to despair to almost now
pleading with somebody at the Premier League just to do the right thing for the
The Premier League's chief executive Richard Masters said
earlier this month that the competition stood to lose at least £1 billion if
the 2019/20 season cannot be completed, with the bulk of that loss made up of
money having to be repaid to broadcasters.
It has been reported that Sky is prepared to waive the rebate
either in exchange for a one-season extension of its current deal or the right
to show more matches in the next two seasons, but that would still leave teams
having to find almost £400 million between them at a time of huge uncertainty.