Sheffield United and Sheffield Wednesday to feel impact of major Premier League and EFL agreement

Sheffield Wednesday and EFL clubs are set for a huge cash boost thanks to a groundbreaking proposal put forward by the Premier League, that will also affect top flight clubs such as Sheffield United.

In a historic deal, the leagues will sell television rights together for the first time with the EFL set to receive 14.75% of their pooled media rights from next season. A £88 million bonus payment for the current campaign has also been proposed with the collective selling model to begin in 2028.

The details were presented to EFL clubs by the Premier League at a meeting in Derby and have been touted as a 'major breakthrough' in a standoff between the two organisations that had been ongoing for several years.

The exact figures in years to come will depend on the television deals struck but already the 14.75% is expected to double the current £130 million in solidarity payments provided to the EFL from the Premier League - which should have knock-on benefits for clubs like The Owls outside the top flight.

The news comes as Sheffield Wednesday owner Dejphon Chansiri controversially told supporters he would stop funding the club after criticism from the fanbase, saying the criticism over recent decisions had 'crossed the line'.

The proposal from 2028 is currently only to include overseas TV rights but the model could be used for domestic broadcast deals in the future.

The Premier League's current overseas deals are worth an eye-watering £5 billion, a considerable amount more than the domestic package. The EFL will take their overseas rights to market for the 2024-2028 period in the next few weeks.

The move from the Premier League comes after calls from EFL chairman Rick Parry to use a collective model. Mr Parry had hoped for a 25% cut for EFL clubs but the Premier League have put forward the 14.75% proposal.