Leeds United await verdict on 'emergency' Premier League meeting amid potential £925m windfall

Leeds United could be in for a major financial boost with Premier League clubs set to meet later this month to finalise a settlement figure for the English Football League.

The Premier League has reportedly called an 'emergency' meeting among its 20 shareholders, which will take place on February 29. Clubs will convene to thrash out a deal that will see the English top-flight filter a huge financial package through the Championship, League One and League Two.

Sky News reports that a new proposal could cost the 20 Premier League clubs a figure between £837m and £925m, with that money set to be divided up among the 72 clubs occupying the EFL at  that time. An even split of the latter amount would see each team bank £12.84m, although it is not clear how the money will be divided.

The last-gasp attempt to reach an agreement comes amid growing pressure from the government for an independent football regulator. Part of legislation set to be pushed through at the end of February will hand an independent regulator the power to impose a financial settlement on the Premier League and so there is hope an agreement can be reached between the top league and those below.

Premier League clubs will likely be forced to pay a huge settlement, whether it be a deal they propose or one imposed by a regulator, but there is unrest among the top 20 teams as to the amount being suggested. Such money would make a massive impact on the state of EFL clubs, particularly smaller ones that have not got the financial power of Leeds United, Leicester City and others.

There is also the very real chance that Leeds could be contributing to this settlement, rather than receiving a portion of it. Daniel Farke's side are right in the race for promotion and a pay-out before the end of this season is highly unlikely. The club's revenue has been cut massively, following relegation last season, with even the worst Premier League teams receiving more than £100m from TV deals, which is more than 10 times anyone in the Championship.