The Premier League's proposed £50million rescue package for League One and League Two has been rejected by the EFL clubs.

Following a shareholders' meeting on Wednesday, the Premier League agreed to offer a loans and grants package to clubs in the bottom two divisions of the EFL who are struggling without matchday income due to coronavirus.

The money is on top of £27.2m already advanced in solidarity payments, but the EFL labelled the bailout insufficient while insisting that clubs in the Championship should not be omitted when it comes to a deal being struck.

An EFL statement read: "The need for continued unity across the membership base was fundamental to discussions across all three divisions, and therefore there was a strong consensus that any rescue package must meet the requirements of all 72 clubs before it can be considered in full.

"The League has been very clear in its discussions of the financial requirements needed to address lost gate receipts in 2019/20 and 2020/21, and while EFL clubs are appreciative that a formal proposal has now been put forward, the conditional offer of £50million falls some way short of this.

"The EFL is keen to continue discussions with the Premier League to reach an agreeable solution that will address the short-term financial needs of all of our Clubs and allow us the ability to consider the longer-term economic issues in parallel that specifically look to achieve a more sustainable EFL for the future."