Wanderers CEO Neil Hart would love to see a breakthrough in talks between the Premier League and the EFL over a new funding deal – but admits he isn’t holding his breath.

With official plans for an independent football regulator put before parliament this week, there is more pressure than ever for the two parties to reach an agreement before government intervention.

EFL chairman Rick Parry said the introduction of a regulator could help “fix football’s broken financial model” but there are also fears that legal challenges could drag out the process.

Hart, who worked in the top-flight at Burnley, can understand the unwillingness of some Premier League clubs to increase the amount they already distribute to the lower divisions because of the overspending which has occurred – particularly in the Championship – for many years.

The turnover gap – according to Parry – has now reached £3bn, with the EFL’s turnover just six per cent of that in the Premier League.

“There is a clear disparity between two,” Hart told The Bolton News. “And I do hear what some of the Premier League clubs are saying – but ultimately I draw back to the point that there is a huge amount of wealth at the top of the game.

“We have seen transfer deals go up, broadcast deals heading north in value, we see player wages getting higher and higher, and it makes it incredibly difficult for clubs like Bolton in League One.

“Something has to be done about the funding distribution models but probably some of the spending as well. It isn’t for the Premier League to just write cheques for the EFL clubs to spend more on players, to have a go, there has to be cost controls around that.

“But ultimately the game at this level does need a little more support. All the money is at the high end of the game. We have to view it as a pyramid not just the Premier League going off and doing their own thing with three clubs swapping places every year, that isn’t what the competition is about.”

Wanderers left the Premier League in 2012, just before the ‘boom’ in broadcast revenue and though they did have access to parachute payments, their first being worth £15.7m, much of the money was swallowed up with debts. Southampton, relegated from the Premier League last season, stood to received just over £30m this year in their first instalment.

The so-called New Deal is worth around £900m over a six-year period but has failed to gain the necessary 14-club mandate to be passed, much to the frustration of many in the EFL.

“When you look at Bolton, we have spent more time in the Premier League over the last 30 years than half the clubs in the Premier League right now,” Hart said.

“It is about the collective and I wish they could find a way of coming together and addressing that in a positive way, shift the balance a little bit. But I have to admit, it looks a little way off yet.

“I knew what Burnley were getting from the broadcast deal but when I came here a few years ago I was shocked by what Bolton got. I was flabbergasted.

“EFL clubs need help and the numbers which have been suggested in the New Deal would go a long way to addressing some of those issues.”

Hart has discussed this week how owner funding is still a vital requirement for Bolton as they look to push towards the Championship. Two fully-funded plans are in place for next season, with or without promotion.

Wanderers have made huge gains on their commercial revenue over the last couple of years but still require the injection of funds from the ownership to keep it running competitively.

Hart, who leads the day-to-day operation at the Toughsheet Stadium, admits it has been tough going but believes the finances of the club are in good health regardless of the New Deal.

“I will say being chief executive of this club is 100 times harder than it was at Burnley, even with it being during the Covid period,” he said.

“It is so much more challenging, financially, managing cash flow, suppliers, stakeholders, trying to drive revenue, work with all the various areas in the club to make sure we are on budget, we’re focused on ticketing, retail, sponsorship, communications, all the areas that bring revenue. Every single pound counts.

“The Premier League and the EFL have to find common ground, now clearly the Premier League hold the cards here but it will be interesting to see what they are prepared to give.

“The interesting point now is the regulator and what role they will play in this. We all knew it was coming and the government have said they will have the powers to intervene.

“By the end of the year I suspect we will see what it means. The final thing I will say is that it won’t be straightforward.

“We are in good shape. Our finances, our shareholders, our investors, it is better than it has ever been. I am confident in what we are doing – with or without the New Deal we will continue to be competitive.”