The plans pushed by Liverpool and Manchester United include an immediate £250m rescue package for EFL clubs who have been without matchday revenues since March and a bigger share of the Premier League's television revenue, rising from just under 10 per cent to 25 per cent.
Concerns have been raised that the proposals give the Premier League's big six too big a say in the game's governance.
The revolutionary plan would overhaul the current pyramid system; with an 18-team Premier League, the scrapping of the League Cup and Community Shield and an amendment to the Championship play-off system all part of the proposal.
However, Stewart feels that something needs to change to bridge the financial gap between the top flight and the Football League, insisting that the plan offers a viable long-term solution to that problem.
"I thought hallelujah," said Stewart when asked for his reaction to the 'Project Big Picture' plan.
"A lot has been talked about at previous meetings but that has turned out to be nothing more than talk but Rick Parry has done a fantastic job.
"We are putting on a show at the minute but not getting an audience which means we are being starved of income and something needed to be done.
"This is not just a knee-jerk fix of the immediate problem but Rick Parry is looking at things long-term."