CITY and other EFL clubs will be able to access the £50 million rescue package for Leagues One and Two that has today been agreed with the Premier League.

The governing bodies confirmed that talks have finished over the distress fund set up to help the lower-division sides hit hard financially by the COVID-19 pandemic.

The Premier League will also provide £200 million in interest-free loans for clubs in the Championship.

EFL chairman Rick Parry, said: “Our over-arching aim throughout this process has been to ensure that all EFL clubs survive the financial impact of the pandemic.

“I am pleased that we have now reached a resolution on behalf of our clubs and as we have maintained throughout this will provide much needed support and clarity following months of uncertainty.

“I would like to thank Richard Masters and Gary Hoffman for their efforts on behalf of the Premier League, and of course their shareholders, for making this welcome, tangible commitment to the professional game at a time when it has needed it most.”

Richard Masters, the Premier League’s chief executive, said: “The Premier League is a huge supporter of the football pyramid and is well aware of the important role clubs play in their communities.

“Our commitment is that no EFL club need go out of business due to COVID-19.”

As part of the distribution, City will receive a minimum payment of £250,000 as part of a £30 million grant being dished out immediately.

The remaining £20 million will be available as a “monitored grant” for clubs to apply for based on their need.

Those who do ask for the extra grant will be subject to restrictions in terms of transfer spend and player wages.