Premier League clubs agreed to prioritise their efforts around a new financial system, the league said on Monday, after no agreement was reached during the shareholders’ meeting.
British media reported that the league failed to agree to a new financial settlement at the meeting on Monday as the planned vote was scrapped when it became clear it would not be supported by the required majority of 14 clubs.
“At a Premier League shareholders’ meeting today, clubs agreed to prioritise the swift development and implementation of a new league-wide financial system,” the league said in a statement.
“Alongside this, Premier League clubs also re-confirmed their commitment to securing a sustainably funded financial agreement with the EFL, subject to the new financial system being formally approved by clubs.”
The British government issued a warning to English Premier League clubs, stating that they had to either agree to a new financial agreement with Football League (EFL) teams or face having one imposed on them by an independent Football Regulator.
The Premier League said, “The league and clubs have reaffirmed their commitment to the wider game, with a distribution of £1.6 billion ($2.05 billion) to all levels of football over the current three-year cycle.”