Premier League unanimously backs new 10-year funding proposal for EFL

Premier League clubs unanimously agreed Thursday to submit a new long-term financial proposal to the EFL, restarting negotiations on the 'New Deal' that came to a halt in 2024, according to ESPN.

Per Sky News reporting cited by ESPN, the proposal spans 10 years and includes an increased transfer levy. Contributions under the plan will be proportionate to each club's earnings, according to the same reporting. The exact financial figures or percentage increases remain undisclosed.

The move follows a Tuesday meeting between chairs and chief executives of the Premier League and EFL, with the chair and chief executive of the Independent Football Regulator also in attendance. In February, Independent Football Regulator chair David Kogan called on the leagues to swiftly agree a financial settlement. The IFR possesses backstop powers to impose a solution if the two leagues cannot reach voluntary agreement.

The EFL stated it will review the proposal's detail, including its potential benefits, implications, and alignment with the long-term interests of its 72 clubs, before engaging in further dialogue with the Premier League. The league did not commit to a timeline for member club discussion or a vote.

The Premier League has not disclosed the specific terms of the proposal ahead of its formal submission. The Independent Football Regulator declined to comment on the development, per ESPN.