The Premier League announced on Monday that the clubs had decided to focus their efforts on implementing a new financial system, following the failure of the shareholders’ meeting to reach a consensus.
The planned vote was canceled after it became apparent that it would not receive the necessary support from the requisite majority of 14 teams, according to reports in the British media. As a result, the league was unable to reach a new financial settlement during the meeting on Monday.
“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 stated 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.”