The EFL has rejected an offer of £50million (€55m) from the Premier League to help clubs during the COVID-19 crisis.
It feels the package for League One and Two "falls some way short" of what's required.
Discussions are expected to continue with the top flight, after proposals for reform in 'Project Big Picture' were also turned down.
EFL clubs were said to be overwhelmingly in favour of Project Big Picture, which would have seen the collective of 72 clubs guaranteed 25 per cent of Premier League revenues, on top of a £250million payment up-front.
However, Premier League clubs voted to reject the proposals, which would also have seen decision-making powers of the English top flight concentrated among just nine clubs.
EFL Clubs have today met by division to discuss the conditional offer put forward yesterday by the Premier League in respect to the financial support required as a result of the COVID-19 pandemic.
The need for continued unity across the membership base was fundamental to discussions across all three divisions, and therefore there was a strong consensus that any rescue package must meet the requirements of all 72 Clubs before it can be considered in full.
The League has been very clear in its discussions of the financial requirements needed to address lost gate receipts in 2019/20 and 2020/21, and while EFL Clubs are appreciative that a formal proposal has now been put forward, the conditional offer of £50million falls some way short of this.
The EFL is keen to continue discussions with the Premier League to reach an agreeable solution that will address the short-term financial needs of all of our Clubs and allow us the ability to consider the longer-term economic issues in parallel that specifically look to achieve a more sustainable EFL for the future.
There will be no further comment at this time.