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The Premier League clubs have committed to prioritizing their efforts towards a new financial system, announced the league on Monday, following a lack of consensus during the shareholders’ meeting.
According to British media reports, the league’s attempt to reach a new financial agreement at Monday’s meeting failed, as the planned vote was abandoned due to insufficient support from the necessary 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 cautioned English top-tier clubs to negotiate a new financial deal with Football League (EFL) teams, or face imposition by an independent Football Regulator.
The Premier League reiterated its dedication to the broader football community, affirming the distribution of £1.6 billion ($2.05 billion) across all levels of football over the current three-year period.
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