Football League clubs have voted in favour of the revised Solidarity and Parachute payment proposed by the Premier League.
The clubs took the decision to accept the new proposals, which come into effect from the start of the 2010/11 season, during a meeting at Walsall's Banks's Stadium.
A Football League spokesman said: "Following a frank but constructive meeting at Walsall's Banks's Stadium earlier today, Football League clubs have voted to accept the Premier League's revised Solidarity and Parachute Payments proposals.
"Whilst many clubs expressed concerns about the proposals, their acceptance was considered the only viable way forward.
"The Football League will now work in good faith, with the Premier League, to ensure that the resulting contract and regulatory changes are good for both competitions and football as a whole."
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