Consent matters

• In your loan agreement, receipts can fall into four categories:
  • Disposal Proceeds – proceeds from selling of assets.
  • Financing Proceeds – funds raised, less existing indebtedness, which is refinanced.
  • Investment Proceeds – grants etc.
  • Insurance Proceeds – funds from claims, excluding third party, operational losses and asset replacement.

• To note, while you are obliged to make DCMS aware of these receipts, it may be that you will be permitted to retain some, if not all, of those proceeds. This will be subject to DCMS’s assessment and agreement.

• You are urged to consider the context of government funding as a last resort during Covid-19.

• Should you be in receipt of material excess amounts relative to normal operating processes, then the government would welcome you considering if the taxpayer could be reimbursed on an accelerated basis given DCMS’s rights under the loan agreement. 

• As noted in the repayment section, in making an early repayment you benefit from paying reduced interest over the life of their loan.

• Settling the debt in its entirety would mean all reporting, consent and security obligations fall away.

• If you are already speaking with a member of the Sport Survival Team on wider requirements, you can provide them with the windfall information directly.
• Please note that you are required to ensure that details outlining the windfall are also included within your next monitoring and reporting submission. Note that it is not acceptable to only use your submission to identify the windfall activity.
• If payment is required, you will be sent an invoice for the required amount alongside detail of the Sport England bank account. 

OR

• Email us at [email protected].
• If you are already speaking with a member of the Sport Survival Team on wider matters, you can ask them to provide any payment details.