Extended parachute to break relegated clubs' fall
The new payments - which rise from 16m a year over two years - will start from next season and are part of a package of solidarity payments from the Premier League to the Football League.
The League One and Two clubs had initially blocked the change at a meeting 10 days ago but were told by the Premier League it was a take-it-or-leave-it offer.
Advertisement
Hide AdAdvertisement
Hide AdA Football League spokesman admitted that many clubs had expressed fears about the changes. Many smaller clubs fear increased money going to the Championship will widen the gap with League One and Two.
The spokesman said: "Following a frank but constructive meeting at Walsall's Banks's Stadium earlier today, Football League clubs have voted to accept the Premier League's revised solidarity and parachute payments proposals.
"Whilst many clubs expressed concerns about the proposals, their acceptance was considered the only viable way forward.
"The Football League will now work in good faith, with the Premier League, to ensure that the resulting contract and regulatory changes are good for both competitions and football as a whole."
Advertisement
Hide AdAdvertisement
Hide AdThe payments amount to 16m for each of the first two seasons and 8m for each of the next two.
Clubs in the Championship who do not get parachute payments will receive 2.3million a season, League One sides 325,000 and League Two sides 250,000.
Under the current package Championship sides received between 1.4m and 0.75m.
The Premier League have been keen to push through the changes to satisfy a number of chairman of mid-ranking top-flight clubs who fear relegation would have a devastating financial effect.