A meeting between Premier League clubs on Monday ended without an agreement on a ‘New Deal’ for EFL funding.
The Premier League said in a statement its clubs had agreed to introduce a new competition-wide financial system.
It said that progress on a deal with the EFL was subject to the new system being approved by clubs.
The new financial system, likely to be based on Uefa’s model, would replace the current profit and sustainability rules (PSR) which permit clubs to lose a maximum of £105m in a three-year spell.
Everton were deducted 10 points, reduced to six after an appeal, for breaching the rule in the three-year period to 2021-22. They and Nottingham Forest have also been charged for alleged breaches in their accounts for 2022-23 and are waiting for their cases to be heard.
Uefa’s rules limit spending on player and coach wages, transfers, and agent fees to a percentage of the club’s revenue starting at 90% this season and reducing to 70% from 2025-26.
It is possible there will be a vote on bringing in the new regulations in June at the Premier League AGM.
It had been expected the Premier League would emerge from Monday’s meeting with tangible proposals to put forward to the EFL.
But despite a willingness to reach a deal it has remained elusive amid continuing issues over how an overall package would be paid for.
There is a feeling among some clubs that “bigger” members of the league should contribute a greater percentage.
The overall sum, which would be partly tied to future TV revenues, is expected to be around £900m over six years.
The EFL has a board meeting on Thursday, where the continued absence of a deal will be high on the agenda.
Premier League clubs last met on 29 February in another attempt at agreeing a deal.
But after no progress was made, Culture Secretary Lucy Frazer issued her warning that the new Football Regulator would intervene if a deal was not agreed.
The UK government confirmed a new independent body in English football in February. Among its purposes is to ensure a fair distribution of money filters down the English football pyramid from the Premier League.
The Premier League’s statement said its clubs had “agreed to prioritise the swift development and implementation of a new league-wide financial system” which will “provide certainty in relation to their future financial plans and ensure the Premier League is able to retain its existing world-leading investment to all levels of the game”.
It added: “Alongside this, Premier League clubs also re-confirmed their commitment to securing a sustainably-funded financial agreement with the EFL, subject to the new financial system being formally approved by clubs.”
‘EFL response will be fascinating’ – analysis
Simon Stone, BBC Sport’s senior football reporter
The Premier League has known it needed to change their profit and sustainability rules. Uefa has already introduced changes in place for this season, which link spending to income.
Clubs feel operating to different systems is impractical and want to move away from the current Premier League regulations, which allow maximum losses of £15m or £105m dependent on owner funding over a three-year cycle.
These are the rules under which Everton have had six points deducted this season and face a further charge, as do Nottingham Forest. This assessment is understandable.
Yet there is no timescale on a change. No-one can be sure if new rules will be in place next season and it has previously been stressed there would have to be some kind of hybrid system during the changeover.
For this to become an issue now, after months and months of ‘New Deal’ talks, is odd and the EFL’s response, when it eventually comes, will be fascinating.
Questions are bound to be asked about Premier League chief executive Richard Masters’ ability to deliver a deal. Despite the Premier League’s insistence it is committed to one, Frazer has already issued the warning. If the Premier League and EFL can’t agree a deal, one will be imposed on them.
