The Premier League’s top clubs have been defeated in their battle to secure more of the league’s overseas broadcasting money.
Earlier this month, it was decided in a meeting that additional talks were needed on whether to adjust the current agreement which sees the revenue from foreign markets shared evenly between all 20 clubs.
But the Premier League issued a statement on Tuesday saying that a planned meeting to discuss the matter further had been cancelled after it had “become clear that there is currently no consensus for change”.
The top flight’s ‘big six’ – Manchester United, Liverpool, Arsenal, Chelsea, Manchester City and Tottenham – say that they should get a bigger slice of the money from foreign TV contracts as they are more popular overseas.
Premier League accepts defeat in bid to reach agreement over distribution of overseas TV revenue. Planned meeting tomorrow cancelled pic.twitter.com/srBRIBuKo4
— Dan Roan (@danroan) October 24, 2017
Two-thirds of the league’s clubs would need to agree to any changes to the current structure, and Premier League executive chairman Richard Scudamore had tried to persuade clubs to back the changes during an October 4 meeting.
The changes would have allocated 35 percent of overseas revenues according to a club’s final league position.
Under the proposed changes, Chelsea would have earned an extra £12.4 million last season, while bottom club Sunderland would made £12.4 million less.
The amount in question would grow over time, however, as the Premier League’s overseas income is increasing faster than domestic revenues.
Tuesday’s announcement means plans for any change to the current system will have to put on ice.
“Clubs have been discussing the distribution formula for their international broadcasting revenues. The Premier League has facilitated these discussions, to bring together the wide range of views which exist,” the statement read.
“It has become clear that there is currently no consensus for change, meaning (Wednesday’s) club meeting is not necessary.”