Premier League issue update after Leicester City warning over £1.5bn EFL proposal

The Premier League have issued an update on talks over a new strategic partnership with the EFL. The plan reportedly includes more than £1.5 billion in extra solidarity funding over 10 years, although no agreement has yet been reached.

The league said in a statement that club shareholders met today and continued discussions on the partnership. It added that a proposal was offered last month, shown to EFL clubs last week, and it wants a football-led deal concluded quickly so money can reach EFL clubs this season.

The update follows warnings to City and other EFL sides that rejecting the offer and using the Independent Football Regulator’s backstop to settle the issue could take up to two years, with the outcome difficult to predict.

Headline measures include a five per cent cut to parachute payments phased across six years and potential changes to cost controls. Clubs would allocate 15 per cent of solidarity funds to infrastructure, and a £20 million lifeboat fund for teams entering administration has been proposed.

The partnership would also bring the EFL and Premier League together on the Saturday 3pm blackout, the Carabao Cup’s structure and the format of the newly renamed Jersey Mike’s Trophy.

Any deal comes at a significant moment for Leicester, who are feeling the financial impact of relegation to League One at the end of last season. The club are up for sale, and any settlement could influence prospective owners.

Source: LeicesterMercury.co.uk

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