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Premier League 'is close to agreeing a new financial system to support the lower leagues with merit-based funding for Championship clubs and a cut to parachute payments' among the measures imposed after Government pressure to reform

The Premier League is reportedly closer to agreeing a new financial system to support clubs in the lower leagues.

As reported by the Times , the 20 sides that make up the top flight discussed a plan titled 'A New Deal for Football' at a shareholders' meeting in London on Tuesday.

It would see a new system in how cash is distributed to those in the lower leagues, as well as reform of parachute payments.

Discussions are taking place following pressure laid on the sport by the Government and the independent review of football by MP Tracey Crouch.