Football news - Premier League executive chairman Richard Scudamore accepts £5m farewell payment

It had been claimed that Scudamore was ‘embarrassed’ by the initial proposal put forward by Chelsea chairman Bruce Buck, but it is now being reported that the hefty departure bonus has been accepted.

The fee – which sees each of the 20 Premier League clubs pay £250,000 to make up the total – will be spread over three years, while Scudamore will also be retained by the Premier League in a consultancy advisory role.

The news comes after the Football Supporters' Federation had led calls for clubs not to "stick their hands down the back of the sofa" and contribute to any parting gesture.

Scudamore earned £2.5m last season, but is to be replaced by Susanna Dinnage in December after 19 years at the organisation.

The Premier League released a statement after Scudamore had presided over his final meeting of the 20 top-flight club chairmen at a London hotel on Thursday.

It read: "The Premier League has today agreed the arrangement of Richard Scudamore stepping down from his role as Executive Chairman. The decision was made by the Audit and Remuneration Committee and the New-Executive Directors, supported and endorsed by the clubs.

"The payments, which will eventually total £5m, will be spread over the next three years and are in consideration of three important areas.

"It was agreed that it is crucial for the League's ongoing success that Richard's unique knowledge and experience remain available in an advisory capacity.

"The payments are in recognition of the outstanding work Richard has carried out over the last 19 years. The Premier League would like to put on record our thanks to Richard for his exceptional contribution to the success of the League."