Premier League clubs have unanimously agreed to put forward a new funding proposal to the English Football League (EFL) that could be worth up to £1.5 billion.

The decision was reached on Thursday, with the Premier League describing the arrangement as a "long-term" deal, according to PA. Sky Sports has previously reported that the agreement would span the next decade.

The breakthrough follows stalled negotiations in 2024 and the subsequent introduction of the Independent Football Regulator (IFR), the new oversight body for English football. Talks over a so-called "New Deal for Football" have been ongoing for over two years, with the EFL seeking a larger share of Premier League broadcast revenue to address longstanding financial sustainability concerns across the lower leagues — issues highlighted by high-profile club financial crises, including Bury FC's expulsion from the EFL in 2019.

The EFL, which governs the professional football pyramid beneath the Premier League, will now discuss the proposal with its 72 member clubs.

An EFL spokesperson said: "The EFL notes the Premier League's position following its meeting with clubs earlier today, and now looks forward to receiving its formal proposal for consideration."

"This follows constructive discussions involving the EFL, Premier League and Independent Football Regulator over recent months."

"The EFL Board will then review the full detail of the proposal, including its potential benefits, implications and alignment with the long-term interests of our 72 clubs, ahead of further dialogue with the Premier League."

"The proposal will then be discussed in detail with our member clubs to determine next steps. No further comment will be made at this time."

Premier League Votes for Deal

The proposal could also include an increase to the existing transfer levy. This would be separate from the 10 per cent levy on all Premier League transfers that was recommended in the fan-led review chaired by former Conservative MP Dame Tracey Crouch in 2021, which was commissioned in the aftermath of the failed European Super League project.

Under the agreed framework, each Premier League club's financial contribution to the EFL would be proportionate to its earnings.

Senior figures from across English football met earlier this week, with discussions between Premier League and EFL leadership also reported to have taken place. A related summit involving the football regulator had previously been anticipated (City AM).

David Kogan, chair of the Independent Football Regulator (IFR), called for a swift resolution from all parties in a statement issued in February, when the regulator was granted powers to impose a settlement should the sides fail to reach an agreement independently. That backstop authority has been widely regarded as a key factor in bringing both sides back to the negotiating table.

The IFR declined to comment when contacted by PA.