Podcast Summary: The Athletic FC Podcast

Episode Title: Why the Premier League needs English football's pyramid to thrive
Date: September 10, 2025
Host: Adam Leventhal
Guests: Rick Parry (Chairman, English Football League), Matt Slater (The Athletic)

Overview

This episode, part of The Athletic's "Future of Football" series, examines the health of English football beyond the glittering Premier League. Host Adam Leventhal, joined by senior reporter Matt Slater and EFL Chairman Rick Parry, dives deep into why the football pyramid—spanning from the top flight down through 72 professional clubs in the EFL—matters, and what's needed to ensure its sustainability. The conversation covers financial imbalances, governance, the impact of parachute payments, player pathways, media rights innovations, and the role of the new independent football regulator.

Key Discussion Points & Insights

1. The State of the EFL and Structural Challenges

Timestamps: 01:42–04:25

• Parry highlights the mix of positives (high attendances, exciting football) and ongoing crises at individual clubs.
• The core issue: “It's extraordinarily difficult to be both competitive and sustainable.” (Rick Parry, 03:32)
• Systemic stress stems from how revenue—especially from TV rights—is distributed.
• Parry makes clear, “The whole system is under stress and really not fit for purpose.” (Rick Parry, 02:48)

2. Financial Inequality and TV Revenue Gaps

Timestamps: 04:25–08:45

• The revenue gap between Premier League and EFL grew from £11m in 1992 to over £3 billion today.
• The EFL’s portion of the total income has dwindled from 75% then to just 6% now (Rick Parry, 04:25–05:30).
• A 50% increase in EFL’s TV rights isn’t closing the gap—Premier League’s baseline is far higher.

  “The gap is still getting bigger because the Premier League is starting from such an extraordinarily high base now… It could actually afford to share a bit more with us.” (Rick Parry, 07:40)

3. Attempts at Reform and Barriers to Solidarity

Timestamps: 08:02–11:32

• Parry recalls ‘Project Big Picture’, which sought greater financial redistribution—rejected, but created conversations about a 25% split for the EFL.
• Clubs in both leagues vote in their own interests; “There is no forum in which people are voting for the good of the game.” (Rick Parry, 09:10)
• Parachute payments distort competition both in the Premier League and Championship.

4. Why the Pyramid Structure Matters

Timestamps: 11:32–14:05

• EFL as the ‘gateway’ for stories like Wrexham and Luton’s rise.
• Parry warns: “You can’t work on the basis of outlier exceptions. What we need is greater opportunities for all in the Championship.” (Rick Parry, 12:55)
• Recent trends: promoted clubs relegated rapidly; parachute-boosted teams have far better promotion odds.

5. The Emerging Role of the Regulator & State of the Game Review

Timestamps: 14:05–17:05; 34:16–37:45

• Parry is optimistic: “For the first time ever, we’re having a proper, independent, objective and comprehensive analysis of the state of the game.” (Rick Parry, 16:15)
• He frames the regulator as essential for independent, evidence-based reform of how resources are shared and rules are set.

6. The EFL's Contribution to Player Development and the National Team

Timestamps: 19:40–21:53

• 18 of the current England squad have played in the EFL; experiences either as youngsters or on loan are invaluable.

  “That ability to experience proper competitive, grown up football is a really important phase of development.” (Rick Parry, 20:50)

• Most Premier League owners agree on the pyramid’s value, but securing real change in revenue sharing remains difficult.

7. The Double-edged Sword of Cinderella Stories

Timestamps: 22:51–25:45

• Streaming series about clubs like Wrexham create global buzz, but Parry urges long-term sustainability over relying on wealthy owners.

8. Media Rights, International Expansion & Innovation

Timestamps: 25:45–31:40

• The EFL is growing international deals, particularly in North America.
• Realistically, these revenues are still dwarfed by the Premier League’s.
• Parry suggests the EFL can be a “test bed” for innovations (streaming, packaging matches), whereas the Premier League, as the “top dog,” takes few risks.

  “It shouldn’t be, ‘the EFL’s going to go away and experiment.’ It should be English football looking to the future… The EFL is the ideal testbed.” (Rick Parry, 30:52)

9. Governance: The Regulator, Competition Law, and the Potential for Change

Timestamps: 33:37–38:53

• Competition authorities are beginning to intervene in football—solidarity can no longer be just a slogan; it requires economic justification.
• Parry: “It's really challenging getting the Premier League clubs to think about what's going on at the bottom of the pyramid… An independent view, that’s what’s needed.” (Rick Parry, 36:40)
• National League collaboration (potential three up, three down) is on the table, but as part of holistic reform.

10. The Future Outlook: Optimism Amid Conflict

Timestamps: 38:53–44:30

• Despite cycles of crisis (from hooliganism and dilapidated stadiums to today’s revenue wars), football’s popularity and resilience endure.
• Parry: “The game thrives despite the people running it. The inherent popularity, the simplicity, the passion… is there.” (Rick Parry, 39:40)
• Ongoing adaptation to new technologies and changing viewer habits is both a challenge and an opportunity.

11. Final Reflections—Is Real Reform Possible Without a Regulator?

Timestamps: 44:30–47:47

• Host, guest, and reporter agree: only the independent regulator can now force through a durable solution.

  “Either… we have a football solution, or we’re very happy to take our chances with the State of the Game review… What we really want is to get this right for the long term.” (Rick Parry, 46:05)

• The need is for a durable, consensus-sharing model—like the 50/25/25 Premier League split that lasted 30 years.

Notable Quotes & Memorable Moments

• “There’s no forum in which people are voting for the good of the game. Nobody's looking at the totality.”
  —Rick Parry, 09:10

• “It’s incredibly difficult to be both competitive and sustainable. That’s a horrible choice to have to make.”
  —Rick Parry, 03:32

• “Parachute clubs are now at least five times more likely to get promoted [from the Championship] than other clubs.”
  —Rick Parry, 14:17

• “We ought to be working together with the Premier League… The EFL is the ideal testbed. We can do things that the Premier League can't.”
  —Rick Parry, 30:52

• “Football was definitely mired in conflict and controversy [in the 1980s]. But the game is extraordinarily resilient and thrives despite the people running it.”
  —Rick Parry, 39:36

• “For the first time ever, we’re having a proper, independent, objective and comprehensive analysis of the state of the game.”
  —Rick Parry, 16:15

Timestamps for Important Segments

• [02:48] — Parry: "The system is not fit for purpose"
• [04:25] — Financial gap between Premier League and EFL explained
• [07:40] — TV rights and why the EFL’s gains can’t close the gap
• [09:10] — No unified forum for the whole pyramid
• [14:17] — Parachute payments and their statistical impact
• [16:15] — Regulator and State of the Game review introduced
• [20:50] — EFL’s role in England international player development
• [30:52] — EFL as innovation testbed for the whole English game
• [36:40] — Importance of independent, analytical reform
• [39:36] — Football’s resilience through crisis
• [46:05] — Case for long-term, regulator-driven solutions

Tone and Language

The discussion is forthright, analytical, and pragmatic. Rick Parry is direct about systemic flaws while remaining optimistic about football’s resilience and the value of independent, evidence-driven reform. Dialogue is earnest, with some dry humor and exasperation over lack of Premier League cooperation, but always anchored in a sense of duty to ‘the health of the whole game.’

Takeaways

• Financial imbalance between the Premier League and lower divisions is threatening the sustainability of English football’s pyramid.
• Independent regulation is now viewed as necessary to compel fairer redistribution and break the current deadlock between leagues.
• The EFL is vital both for its unique club narratives and as a developmental path for England internationals.
• Redistribution isn't charity: It’s about safeguarding competitiveness, sustainability, and the very fabric of English football.
• Growth and innovation (especially in media rights) are possible, but will only make dents in the vast economic gulf.
• Without reform, the gap—and associated risks to the pyramid—will only increase, with knock-on effects for clubs, fans, and the national game.

Summary produced by The Athletic FC Podcast Summarizer