League agrees parachute deal

Football League chairmen have agreed a parachute payment proposal tabled by the Premier League.

From the start of next season, clubs relegated from the top-flight will now receive £48million in parachute payments over four years compared to the current system of £16million a year over two years.

The proposal was initially rejected by chairman from League One and Two clubs last month amid fears that it would widen the gap from them to the Championship.

However, the deal has now been rubber-stamped following an emergency meeting at Walsall's Banks's Stadium.

"Following a frank but constructive meeting, Football League clubs have voted to accept the Premier League's revised solidarity and parachute payments proposals," confirmed a Football League spokesperson.

"Whilst many clubs expressed concerns about the proposals, their acceptance was considered the only viable way forward.

"The Football League will now work in good faith, with the Premier League, to ensure that the resulting contract and regulatory changes are good for both competitions and football as a whole."

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