Premier League releases statement that affects Sunderland, Leeds United, and others.
Following a shareholders’ meeting in London on Monday, no Premier League teams made any offers to enhance EFL investment.
Prior to the conference, which was termed as a’staging’ meeting on February 29, top-flight sources voiced hope that it would be decisive. However, the meeting ended without an offer, with the top flight clubs believing it is first necessary to devise a new financial system that will eventually replace the current profitability and sustainability regulations (PSR).
A Premier League spokesperson stated on Monday: “At today’s Premier League shareholders meeting, clubs agreed to prioritise the rapid creation and deployment of a new league-wide financial system. This will provide clubs stability about their future financial plans and ensure that the Premier League can maintain its current world-leading investment in all levels of the game.
“In addition, Premier League clubs reaffirmed their commitment to establishing a financially sustainable arrangement with the EFL, subject to club approval of the new financial system.
“The league and clubs also reaffirmed their ongoing and longstanding commitment to the wider game which includes £1.6 billion distributed to all levels of football across the current three-year cycle. The Premier League’s significant funding contributions cover all EFL clubs and National League clubs, as well as women and girls’ football, and the grassroots of the game.”
The EFL has declined to comment, and is expected to discuss the issue at a board meeting later this week. One source with close knowledge of the situation in Government told the Daily Telegraph the situation is “absolutely shambolic given they briefed over the weekend that it would definitely go to a vote, and they have been ‘quietly confident’ it would pass for the last 10 days”.
The Department for Digital, Culture, Media and Sport (DCMS) has also been contacted for comment. The Premier League is looking at a system more closely aligned with the squad cost to revenue ratio contained within UEFA’s Financial Sustainability Regulations (FSR).
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