Premier League clubs have been warned that if they fail to reach a funding deal with the English Football League it will be imposed on them by the new Football Regulator.
The warning came from Culture Secretary Lucy Frazer, who was speaking at the FT Business of Football Conference in central London.
Top-flight clubs are set to meet at a nearby hotel on Thursday to try to thrash out a 'New Deal' funding package.
Premier League chief executive Richard Masters has pulled out of his own speaking engagement at the FT event in order to prioritise the meeting.