The Premier League's refusal to make a deal with the EFL over funding needs to be sorted out sooner rather than later warns Stevenage chairman Phil Wallace.

The Boro supremo was speaking after bringing another cash injection into the League One club with money from his own pocket.

But with the two professional men's leagues in England not able to agree on how to share the wealth, Wallace believes clubs and individuals are the ones who are going to suffer.

The chairman said: "The case for a re-distribution of funding from the Premier League into the EFL to provide sustainability and allow us to continue to play a crucial and active part in our local community, is needed more than ever."

A meeting between the two leagues earlier this month had lead to deadlock, with the money rich Premier League saying its clubs were focused on first agreeing new financial rules for the top flight.

The EFL said they were disappointed at the Premier League's "repeated failure to put forward any new funding offer for EFL clubs", saying the funding would have "significant benefits for the entire football pyramid".

The new cash injection at the Lamex Stadium comes in the form of 30,000 new ordinary shares with a combined price of £1,050,000.

They have all been taken up by majority owner Wallace, who now has a 95 per cent stake in the club.

Wallace added: "By issuing new shares to fund the club short term, this is not a repayable debt and 100 per cent of the investment goes into the club to strengthen the balance sheet.

"We are essentially debt-free and our ambition to compete for promotion each year, whilst remaining solvent, is an interesting challenge."