Premier League clubs have agreed to prioritize 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 reach a new financial deal at Monday's meeting, with the planned vote scrapped when it became clear it would not have the support of the required majority of 14 clubs.
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“At a Premier League shareholders meeting today, clubs agreed to prioritize the rapid development and implementation of a new league-wide financial system,” the league said in a statement.
“In addition, Premier League clubs have also reconfirmed their commitment to securing a sustainably funded financial agreement with the EFL, subject to the new financial system being formally approved by the clubs.”
The British government warned top-tier English clubs to agree a new financial deal with Football League (EFL) teams or have one imposed on them by an independent football regulator.
The league and clubs also reaffirmed their commitment to football in general, the Premier League added, including £1.6 billion ($2.05 billion) distributed to all levels of football over the current three-year cycle.
