The Premier League clubs agreed to prioritise their efforts around a new financial system, the league said on Monday, after no agreement was reached during shareholders' meeting.

The British media reported that the league has failed to agree to a new financial settlement at the meeting on Monday as the planned vote was scrapped when it became clear it would not be supported by the required majority of 14 clubs.

"At a Premier League Shareholders' meeting today clubs agreed to prioritise the swift development and implementation of a new League-wide financial system," the league said in a statement.

"Alongside this, Premier League clubs also re-confirmed their commitment to securing a sustainably funded financial agreement with the EFL, subject to the new financial system being formally approved by clubs."

The English top-tier clubs were warned by the British government to reach agreement for a new financial deal with Football League (EFL) teams or have one imposed on them by an independent Football Regulator.

The league and clubs also reaffirmed their commitment to the wider game, the Premier League added, which includes £1.6 billion ($2.05 billion) distributed to all levels of football across the current three-year cycle. REUTERS