OXFORD United are awaiting the fine details over a proposed £50million bailout was agreed by the Premier League.

The cash injection will be for clubs in Sky Bet League One and Two only.

It comes after the top flight clubs rejected Project Big Picture, a proposal which was due to include a £250m rescue package to help clubs in the three EFL divisions cope while games are played behind closed doors.

While that plan has been thrown out, an alternative was agreed which did not include the Championship.

It will come in the form of grants and interest-free loans – which are understood to stand at £20m and £30m respectively.

A conference call for League One clubs is due to be held this afternoon, which is expected to reveal more on how the money will be divided between clubs.

United were last night cautious about what it meant.

Niall McWilliams, the club’s managing director, said: “We just have to wait and see what is in the detail and what conditions are attached to the loans.

“We should know more after the meeting.”

The package is aimed at helping to deal with the losses incurred by matches being played behind closed doors as a result of coronavirus restrictions.

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That may mean the amount made available to clubs is calculated based on average gate receipts, so it is unlikely to be a case of dividing the aid into equal amounts across the 48 clubs in the bottom two EFL divisions.

EFL chairman Rick Parry was an enthusiastic backer of Project Big Picture, which was also due to deliver a greater share of top-flight revenues.

While there were criticisms it concentrated power in the hands of the ‘big six’, the plans had gained traction in the EFL.

U’s boss Karl Robinson had been among those to support the idea this week.

In a statement, the EFL said: “There is a significant issue facing the English footballing pyramid and therefore it is encouraging that there is an acknowledgement that a review of the current status quo is required, with a strategic plan to be developed to consider the future of the football.

"While by no means a finished product, Project Big Picture was developed to consider these same issues and address the challenges facing football from top to bottom.

"The EFL welcomes the opportunity to contribute to any wider debate with colleagues across the game as we seek to finally address impossible economic pressures and deliver on the objective of having a sustainable EFL in the long-term."