The new agreement between the Football League and Premier League will result in Championship clubs such as Watford being paid almost £2.2m next season.

Chairman and chief executives of Football League clubs met at Walsall’s Bank’s Stadium last week to discuss the plans and decided to agree to the revised solidarity and parachute payments proposed by the Premier League.

Last season the base solidarity payment to all Championship clubs were meant to be £432,000 but it rose to £833,000 due to Birmingham City being promoted back to the top flight in the 2007/08 season. There was also a seperate payment made due to league position the previous campaign.

However, the new agreement means sides will now receive £2.187m but will not earn any more money based on league position or clubs being promoted back to the Premier League.

Parachute payments to clubs relegated from the Premier League will now be paid over four years instead of two.

For the last three years relegated sides received around £12m a season and that was set to rise to £16m this summer.

But now instead of around £32m over two seasons, the likes of Burnley and Hull will receive £48m over four years.

Relegated clubs will now land £16m for the first two years and then another two payments of £8m the following two seasons.

A Football League spokesman said: "Following a frank but constructive meeting at Walsall's Banks's Stadium, 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."