The SFA has secured a vague deal for Scottish clubs with Close Brothers!
Known as the corporate lenders of last resort Rod Petrie has struck some sort of preferential deal, when a business turns to Close Brothers it is time for serious thought as to why no mainstream lender is prepared to offer finance, especially at a time of record low interest rates.
While most members of UEFA enforce a form of Financial Fair Play to ensure that clubs are run along sensible business lines Scottish clubs only have to ensure that player wages are paid on time. That issue has been dropped with football suspended.
Every club has had to tighten its belt since mid-March with employees put on Furlough, very few contracts being renewed with Ianis Hagi the only player to be bought by a Scottish clubs.
Covering a letter sent by SFA President Rod Petrie to all 42 SPFL clubs, the Daily Mail reports:
I am pleased that I was able to bring a proposal to the Board of the Scottish FA which I can now share with you as a proposal.
The Scottish FA has agreed in principle a partnership with Close Brothers, a modern merchant bank which is prepared to receive applications for Pandemic related funding from clubs. The Scottish FA will pass enquiries from clubs on to Close Brothers.
There is no commission for introductions or any other financial incentive for the Scottish FA. I hope you welcome this initiative by the Scottish FA to introduce Close Brothers, a respected lender which is prepared to engage with clubs at this challenging time for us all.
Highlighting an agreement with Close Brothers is hardly likely to inspire confidence in potential sponsors of Scottish football. Clubs will of course be at liberty to arrange loans from other lenders.
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— Sportsmail (@ScotMailSport) June 15, 2020
