Key facts
- The Premier League has proposed a new financial distribution deal to the English Football League.
- The proposed deal offers an additional £1.5 billion over ten years, funded partly by an increased transfer levy.
- The EFL has rejected the terms as inadequate and is demanding more money.
- Betfred is closing 132 shops due to rising gambling levies and employment costs.
- West Ham United shareholder Daniel Kretinsky has made a strategic move to potentially acquire the Gold family's stake.
The Premier League has presented a new financial distribution deal, dubbed the 'New Deal', to the English Football League (EFL) after more than three years of negotiations. The proposal includes an additional £1.5 billion over ten years, funded partly by increasing the domestic transfer levy from 4% to 6%. A requirement for recipients to spend at least 20% of the funds on infrastructure is included, alongside a £20 million lifeboat fund for EFL teams facing administration.
However, the EFL's initial reaction was to deem the terms inadequate and demand further concessions. EFL chair Rick Parry is reportedly likely to hold out for a larger sum, a stance that could prove risky if it necessitates regulatory intervention.
Separately, Betfred, the betting company, has announced the closure of 132 of its shops, representing over 10% of its estate. This move is attributed to rising gambling levies and increased retail employment costs, with co-founder Fred Done expressing concerns about the government's approach to the industry and its impact on high streets.
In football ownership news, West Ham United shareholder Daniel Kretinsky has offloaded a small portion of his stake to an ally, Jakub Havrlant. This maneuver is reportedly designed to allow Kretinsky to acquire the Gold family's 25.1% holding without triggering a 50% ownership threshold that would compel him to buy out other shareholders at a potentially higher valuation. This move could thwart a previous agreement by Amanda Staveley to purchase the Gold family's interest.