Premier League clubs will prioritise new financial system, says league

The Premier League clubs have agreed to focus their efforts on a new financial system, the league announced on Monday, after no agreement was reached during the shareholders' meeting.

According to British media, the league failed to reach an agreement on a new financial settlement at its meeting on Monday, as the planned vote was canceled when it became clear it would not be supported by the required 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 has warned English top-tier clubs that they must reach an agreement on a new financial deal with Football League (EFL) teams or face having one imposed on them by an independent football regulator.

The league and clubs also reaffirmed their commitment to the wider game, with £1.6 billion ($2.05 billion) distributed to all levels of football over the current three-year cycle, according to the Premier League.

SportsLigue