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The funding row has been rumbling on since a fan-led review in 2021, which was commissioned by the government following a number of crises in the sport, including the failed European Super League project and the collapse of Bury FC.
On a number of occasions, it has seemed a deal was close. In March 2024, the Premier League was warned by government officials that if it and the EFL failed to agree a deal, one would be imposed on them.
On Tuesday, representatives of the Premier League, the EFL and the new Independent Regulator met to discuss the outline of a deal.
"The EFL notes the Premier League's position following its meeting with clubs earlier today, and now looks forward to receiving its formal proposal for consideration," said the EFL.
"This follows constructive discussions involving the EFL, Premier League and Independent Football Regulator over recent months.
"The EFL Board will then review the full detail of the proposal, including its potential benefits, implications and alignment with the long-term interests of our 72 clubs, ahead of further dialogue with the Premier League.
"The proposal will then be discussed in detail with our member clubs to determine next steps."
Resistance within the Premier League simply to hand over money was based on a number of factors, including the basic reality they would providing funds to clubs trying to replace them.
In other instances, specifically Stoke City, EFL clubs have owners richer than some in the Premier League.
