Key facts
- Premier League clubs have agreed to a new funding proposal for the English Football League (EFL).
- The deal, potentially worth £1.5bn over 10 years, was unanimously approved by Premier League clubs.
- Manchester City has proposed changes to the funding mechanism, specifically increasing the transfer fee levy.
- The current transfer fee levy is 4%, and City's counterproposal suggests increasing it to 6%.
- The proposal requires 14 out of 20 Premier League clubs to vote in favor for approval.
Premier League clubs have unanimously agreed to a new funding proposal for the English Football League (EFL), potentially worth £1.5bn over the next decade. The agreement, decided on Thursday, aims to resolve financial distribution issues. Manchester City, however, has proposed a modification to the plan, specifically concerning the transfer levy. The club is reportedly leading opposition to the Premier League's suggestion to increase the levy on transfer fees from the current 4% to 6%, a move that would disproportionately affect larger spending clubs. Several other 'Big Six' clubs share similar concerns about the funding mechanism. The EFL will now discuss the formal proposal with its member clubs. The Independent Football Regulator, chaired by David Kogan, had previously pushed for a swift resolution.