Premier League: "Clubs prioritise new League-wide financial system" after EFL funding deal failure

"Clubs agree to prioritise the swift development and implementation of a new League-wide financial system," announced the Premier League following a meeting of its shareholders (the 20 clubs in the 2023-24 English league) on 11/03/2024.

This announcement of a simple stated priority reflects the League's failure to reach an agreement involving at least 14 clubs (i.e. at least two-thirds) on the development of a new system of financial regulation, according to English media. Reaching an agreement would "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," said the body.

"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," added the Premier League. "Funding of around £900m (€1.054bn, over a 6-year period) has been agreed but issues over where the money should come from and stipulations around…