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The competition was formed as the FA Premier League on 20 February 1992 following the decision of clubs in the Football League First Division to break away from the Football League, founded in 1888, and take advantage of a lucrative television rights deal. The deal was worth £1 billion a year domestically as of 2013–14, with Sky and BT Group securing the domestic rights to broadcast 116 and 38 games respectively. The league generates €2. 2 billion per year in domestic and international television rights. Clubs were apportioned central payment revenues of £2. 4 billion in 2016–17, with a further £343 million in solidarity payments to English Football League (EFL) clubs.

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