Premier League Emergency Meeting to Finalize Landmark Financial Settlement

The Premier League has called an emergency meeting of its 20 shareholders to finalize a landmark financial settlement before the government establishes an independent football regulator. The meeting, scheduled for 29 February, aims to thrash out a New Deal proposal that can be presented to the 72 English Football League (EFL) counterparts. The government's Football Governance Bill, which grants new watchdog powers to impose a financial settlement on the sport, is expected to be published around the same time. The Premier League clubs will have the option to vote on the New Deal at the meeting, with an additional gathering scheduled for 11 March if necessary. The projected cost of the New Deal is estimated to be between £837m and £925m over six years, depending on the payment of an £88m sum for the current season. The culture secretary, Lucy Frazer, has urged the clubs to resolve their differences over the settlement before the new watchdog is established. Talks between the Premier League and EFL have been ongoing for several months, with divisions about the scale and structure of the proposed deal causing delays. However, recent discussions have been more constructive, according to the Premier League chief executive, Richard Masters. Some EFL clubs believe that the new regulator will be responsible for imposing a deal, but government officials predict that it may take until 2026 for the watchdog to be fully operational. Premier League clubs have expressed concerns about the cost of the subsidy to the EFL and the lack of clarity regarding the regulator's powers and other financial reforms. The Premier League is also facing legal challenges, including a dispute with Manchester City over associated party transaction rules. The government has highlighted the financial disparity between Premier League and Championship clubs, emphasizing the need for a more equitable distribution of revenue. The Premier League has declined to comment on the matter.