Walsall's admission on parachute plan

Walsall chief executive Roy Whalley has revealed cash-strapped Football League clubs had no option but to accept the Premier League's solidarity deal.

League One clubs will receive £328,000 in a new contract with the top flight, while Championship clubs get £2.4million and League Two teams just £250,000.

The deal - part of the new £48million parachute payments system for relegated top-flight sides - had to be signed by 5pm today and was accepted at an emergency meeting at the Banks's Stadium yesterday.

But Whalley believes the hard-up Football League clubs had to agree to the take-it-or-leave-it offer because they needed the money.

He said: "You have a judgement to make. but it's important we survive. You might have to hold your nose doing it but it was vital to accept it.

"League One and Two clubs are strapped for cash, they don't like the conditions imposed but needed the money.

"Clubs aren't happy and don't like the way the Football League distributions are allocated anyway, but the Premier League insisted it should be this way."

Whalley is worried about the growing gulf between League One and the Championship thanks to the extra cash the second tier receive.

He said: "It makes it difficult to move through the football pyramid unless you attract major investment. If not you won't do it, as the finances are all against you.

"The money will have an adverse affect on the Championship, because unless those coming down from the Premier League are mismanaged they have an extra £15million.

"It'll be like the Premier League, there'll be a top four and the rest competing."

The Premier League have increased the money, after their own improved TV contracts and the Saddlers receive £200,000 more than the last deal.

Whalley conceded the top flight call the shots.

He said: "We don't think it's fair but have to accept it. That's where the power lies and whoever pays the piper calls the tune."