'It's a disagreement based entirely on governance,' Henry said. 'Everyone in the league knows what the large clubs bring to the value of foreign rights, but the large clubs do not have the votes to change something that should have changed as media rights changed over the past 25 years.'
'Because of this arrangement (the distribution of overseas revenue) and due to parachute payments to relegated clubs, the top three clubs each year in the Premier League receive less overall TV monies than the bottom three clubs when you include parachute payments,' Henry said.
'It's hard to imagine this continuing much longer. In America, where we have closed leagues, you can argue for these types of arrangements, but it's much more difficult to ask independent clubs to subsidise their competitors beyond a certain point when you have relegation and especially with the way media is rapidly changing and being consumed today.'