The competition was founded as the FA Premier League on 20 February 1992, following the decision of First Division (the top-tier league from 1888 until 1992) clubs to break away from the English Football League. However, teams may still be relegated to and promoted from the EFL Championship. The Premier League is a corporation managed by a chief executive, with member clubs acting as shareholders. The Premier League takes advantage of a £5 billion television rights deal, with Sky and BT Group securing the domestic rights to broadcast 128 and 32 games, respectively. This deal will rise to £6.7 billion for the four seasons from 2025 to 2029. The league is projected to earn $7.2 billion in overseas TV rights from 2022 to 2025. Clubs were apportioned central payment revenues of £2.4 billion in 2016–17, with a further £343 million in solidarity payments to EFL clubs.
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