£10m of the grant will be made available immediately and £10m will be made available in August 2003 to be drawn from FSIF funds due over the next four years plus reserves.

Lord Pendry, Chairman of the FSIF said: "This is a great example of the football family rallying to help one of their own. With the package in place clubs will have breathing space to plan for their future and the vital role they play in the communities all over the country. I am delighted we have been able to extend this essential support to the Football League without detriment to our investment in football's grass roots."

Peter Heard, acting Chairman of The Football League said: "This funding will have a considerable impact on the finances of Football League clubs and will play a major part in helping them to survive the cash shortfall caused by the collapse of ITV Digital.

"On behalf of the 72 member clubs of The Football League I would like to offer my appreciation to the Football Association, FA Premier League and Football Stadia Improvement Fund for this considerable show of support to Football League clubs.

"I believe that football supporters should take great encouragement from the way that football's governing bodies have joined together in this way to help alleviate the financial problems of a number of professional clubs."

 

Nic Coward, Acting Chief Executive of The Football Association, said: "The FA is happy to play its part in putting forward a financial support package for Football League clubs. The FA Board has been fully consulted on FA discussions with The Football League and supports any moves aimed at ensuring the long-term health of Football League clubs.

"The FA believe that Football League clubs have an important role to play at the hub of communities around the country, and through this financial package, The FA hopes that a stable future can be ensured for these clubs."

Richard Scudamore, Chief Executive of the FA Premier League said: "We are pleased to have played our full part in putting this package together. We have historically made funds available for Football League initiatives and given the current issues faced by many clubs this is a very appropriate response to their needs."