The English Football League has secured a £117.5million financial package from MetLife Investment Management to help Championship clubs survive the coronavirus pandemic.

The loan – provided by the institutional asset management business of MetLife Inc. – matches the figure requested by the 24 second-tier clubs in order to meet PAYE liabilities as they continue to battle against a severe loss of revenue due to Covid-19.

The Premier League has pledged £15m that will go towards set-up costs and interest, following on from its £50m grant for League One and League Two clubs in December.

The EFL chose MetLife Investment Management after a bidding process with other financial providers and UK banks, while loan options were also discussed with the Government.

EFL chairman Rick Parry said: "This past month 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."