A £50million bailout has been agreed for clubs in League One and League Two after Premier League clubs rejected Project Big Picture.

The top-flight met today to discuss the proposals which emerged at the weekend, led by Liverpool and Manchester United, along with English Football League (EFL) chairman Rick Parry.

It was due to include a £250million rescue package for clubs to help them cope while games are played behind closed doors.

Also read: Petition to get fans back into games triggers Westminster debate

The plans were knocked back by the Premier League, who did confirm an alternative package.

A statement read: "At today’s meeting it was agreed to make available a rescue package which aims to ensure that League One and League Two clubs will not go out of business as a result of the financial impact of Covid-19 and be able to complete the 2020/21 season.

“League One and League Two clubs rely more heavily on matchday revenue and have fewer resources at their disposal than Championship or Premier League clubs and are therefore more at risk, especially at a time when fans are excluded from attending matches.

“This offer will consist of grants and interest-free loans totalling a further £50 million on top of the £27.2m solidarity payments already advanced to League One and League Two this year, making a total of £77.2m.

"Discussions will also continue with the EFL regarding Championship clubs’ financial needs.

"This addresses government concerns about lower league clubs’ financial fragility.

“Football is not the same without attending fans and the football economy is unsustainable without them. The Premier League and all our clubs remain committed to the safe return of fans as soon as possible.”

Had the proposals been adopted they would have represented the most significant changes in English football in a generation, with a major shift in league voting rights proposed which would have put far greater power in the hands of the top flight’s so-called ‘big six’ clubs.

The EFL released a statement yesterday saying conference calls with their member clubs had revealed "strong support" for the proposals.

U's boss Karl Robinson said on Monday he felt it was a worthwhile plan.