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EXCLUSIVE: Premier League, EFL and FA are drawing up joint plans to reform financial flows from the top flight to the lower leagues - and they'll propose their own regulator in changes that could be ready as early as next season

The Premier League, Football Association and EFL are drawing up new plans to decide how money will flow from the top flight to the lower leagues, and the arrangements could be ready as early as next season.

Any credible proposals will have to deal with the parachute payments made to clubs relegated from the top flight, which can total as much as £90M over three years, and distort competition in the Championship and leagues below.

And they will have to deliver a significant increase in the money flowing down the pyramid in order to satisfy EFL clubs.