Tottenham Hotspur and the other 19 clubs in the Premier League are set to vote next week on a landmark financial deal, which could see £1.5 billion handed to English Football League clubs over 10 years.As the Premier League continues to grow financially, there has been an increasing concern about the growing gap between the elite clubs and the ones further down the English footballing pyramid.While some EFL clubs have struggled to stay afloat, top-flight clubs have continued to post record revenues and are spending increasingly outlandish amounts on transfer fees and player salaries.This has raised questions about the sustainability of the game, and all of England’s biggest football clubs, including the Lilywhites, are now preparing to vote on a landmark deal intended to address the issue.Photo by SpursWebTottenham and other 19 Premier League clubs will vote on ‘New Deal’Sky Sports have revealed that all top-flight clubs are now set to vote on English football’s ‘New Deal’, which will come into place over the next decade.The deal has been the subject of discussions among English football’s power brokers for over three years and is now finally set to come to a vote.One of the key details of the pact is the proposal to lift the Premier League’s transfer levy from its current four per cent to six per cent, in order to fund the payments to EFL clubs.The vote could take place next week and will require at least 14 of the 20 Premier League clubs to vote in favour before the deal can be proposed to the EFL.If it is passed, the first annual payment could start as early as the 2026-27 season, with the amount set to increase year on year. The overall sum paid out to the EFL over the next decade could amount to well over £1bn.Parachute payments to be reduced but new ‘lifeboat fund’ will assist EFL clubsSky Sports explain that one of the key aspects of the New Deal is the reduction in parachute payments, which are made by Premier League clubs to relegated clubs for three years after their relegation.This will be replaced by a new lifeboat fund worth £20m, which would be used to assist any EFL club which falls into administration.The agreement would require a guarantee from the clubs that at least 20 per cent of the funds received would be spent on infrastructure investment, to prevent the funds from flowing straight into transfer fees and wages.READ MORE: De Zerbi outlines Tottenham’s plan for Mikey Moore after 6.5/10 pre-season performanceThe post Tottenham set to vote on landmark £1.5bn deal with EFL, including new transfer levy appeared first on Spurs Web.