UEFA is reportedly close to signing off on a rescue package worth up to €6bn (£5.1bn) to help European football teams recover from the pandemic.
The funding is part of a proposed three-part strategy by the governing body, to be outlined in the coming weeks, aimed at helping clubs following stadium closures and a sharp drop in broadcast revenues.
The plan involves a funding package of between €2bn and €6bn, a new emergency fund for any future crises and new rules on financial fair play, Bloomberg reported, citing people familiar with the matter.
The scheme would give clubs access to funds at lower borrowing rates and be able to restructure existing debt over longer periods of five to seven years, according to the report.
It follows earlier reports that UEFA was in talks with London investment firm Centricus Asset Management over financing the plans.
It comes at a troubled time for global football, which is still reeling from the impact of the pandemic.
The European football market contracted for the first time since the financial crisis last season with revenue dropping 13 per cent to €25.2bn, according to a report from Deloitte.
The crisis has affected even the biggest clubs, with Barcelona forced to let go of star player Lionel Messi due to financial issues.
Messi has since joined Paris St Germain on a two-year contract worth £25m per year.