Birmingham City owner Tom Wagner says lower-league clubs "should not take too much" from top Premier League sides, amid ongoing negotiations to redistribute a share of their wealth within the EFL. Talks over a deal to share Premier League income within the football pyramid are carrying on against a backdrop of pressure from the government as a new independent football regulator is being established. Speaking at The Summit, part of Leaders Week London 2025, Wagner, an American investor, said: "I think the top clubs in English football have to be protected at all costs. Birmingham spent £25m in League One last season, more than the rest of the division combined, according to Transfermarkt. Eleven of the 20 teams in the Premier League have US owners and a two-thirds majority could allow them to band together to vote through major changes in the sport, including a much-debated overseas 39th match.