Premier League meeting: what is emergency summit, who is attending, what is expected from New Deal?

The Premier League has called an emergency meeting to finalise a landmark financial settlement before government Culture Secretary Lucy Frazer publishes legislation which will establish an independent football regulator.

The Premier League has notified all 20 clubs that it intends to hold a meeting on Thursday 29 February to prepare a New Deal proposal which will then be presented to the other 72 English Football League clubs competing in the Championship, League One and League Two.

The summit coincides with the culture secretary’s Football Governance Bill, which intends to create new watchdog powers to impose a financial settlement on the sport. Frazer has been heavily engaged in discussions with club’s senior members over the government's proposals, and attended a dinner this month with Premier League and club executives.

Sky News claims that all clubs will be able to vote at the 29 February meeting, adding a further meeting for 11 March if the club’s fail to reach an agreement at the first attempt. The outlet adds that the new deal is estimated to cost Premier League clubs around £837m and £925m, with the final figure dependent upon the payment of an £88m sum for the current season. 

At least one club in the bottom half of the Premier League is understood to have raised concerns that they would need to borrow money this year to fund its prospective share of the handout to the EFL. Talks between the English Premier League and the Football League have been ongoing for several months with both sides struggling to reach an agreement.

Some EFL clubs appear to be resigned to the lack of a voluntary agreement, and believe the new regulator will be charged with imposing a deal as one of its first priorities.

There has been significant unrest among Premier League clubs over the cost of the subsidy to the EFL, as well as the lack of certainty about the regulator's powers and other financial reforms being driven forward by the Premier League.

The £4 billion financial gulf between Premier League and Championship clubs in the 2020/21 season highlights the need for a solution.

Therefore, reaching a New Deal agreement before March could provide much-needed clarity and financial stability for clubs across the pyramid and prevent the government from imposing a potentially less agreeable outcome through the independent regulator.