On Monday, Premier League clubs — Arsenal, Chelsea and Tottenham included — failed to provide any additional funding offer for the English Football League during a shareholders' meeting in London.
Before the crucial meeting, sources from the top flight had been hopeful of a resolution. However, discussions ended without any offer being made.
Premier League teams believe it is critical first to establish a new financial system to replace the existing Profit and Sustainability rules. A previous six-year arrangement offering the EFL around 14.75 per cent of the net media income expected to be worth £900 million has been discussed.
But Premier League sides are now focusing on agreeing to their own financial model before engaging with the EFL.
The government has consistently stated it wants the football authorities to agree to a new financial deal amongst themselves but did warn that one could be imposed upon them by 'backstop' powers earmarked for the new independent regulator.
A representative from the Premier League announced on Monday: «At a Premier League shareholders' meeting today clubs agreed to prioritise the swift development and implementation of a new league-wide financial system.
»This will provide certainty for clubs in relation to their future financial plans and will ensure the Premier League is able to retain its existing world-leading investment to all levels of the game.
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«Alongside this, Premier League clubs also reconfirmed their commitment to securing a sustainably-funded financial agreement with the EFL, subject to the
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