Sheffield Wednesday await decision on potential £925m windfall as Premier League emergency meeting called

Sheffield Wednesday could be set to receive a helpful cash boost after the Premier League called an emergency meeting with its shareholders. The 20 top flight outfits will get together later this month, on February 29, in order to put together a new financial proposal to the Football League and its clubs.

The Premier League distributes a chunk of its net media revenue every year to the 72 clubs in the Championship, League One and League Two and the 'New Deal' looks set to see the amount handed out rise considerably. According to Sky News, the deal could cost Premier League clubs between £837m and £925m over the next six years.

It's unclear how that money would be distributed but a report regarding a proposal made in September suggested 75 per cent of the money would go to Championship clubs in order to prevent the gap between the top two leagues in English football growing too big. The remaining 25 per cent would be given to League One and League Two clubs, with every payment being made on merit.

Of course, such a topic is likely to be discussed at the meeting, but any new proposal would need a majority of Premier League clubs to vote in favour. The meeting comes as the government prepares to publish legislation that will pave the way for an independent football regulator.

Such a body would have powers to impose a financial settlement and that has pushed the Premier League to get an agreement over the line with their lower league counterparts.

Given Wednesday's financial struggles of late, then, staying in the Championship may well prove to be critical if the above redistribution percentages are agreed upon. The Owls have made headway in the battle against the drop since the arrival of Danny Röhl in October and after their win over Millwall last weekend, they now sit within four points of safety.

They have the opportunity to build on their recent strong form on Saturday when they welcome Bristol City to Hillsborough. Of course, the payments from the Premier League might not been as much for those clubs currently receiving parachute payments or who are in a strong financial position, but for Wednesday, it could make a huge difference.