The representatives met at Walsall FC were left with a 'take it or leave it' offer from the Premier League and there had been talk of the Championships clubs forming a breakaway league but it has been agreed that clubs relegated from the Premier League will receive £16m per season for the first two seasons which will be followed by a further two payments of £8m per season.
A Football League spokesman told the BBC: "Following a frank but constructive meeting at Walsall's Banks's Stadium, Football League clubs have voted to accept the Premier League's revised solidarity and parachute payments proposals.
"Whilst many clubs expressed concerns about the proposals, their acceptance was considered the only viable way forward.
"The Football League will now work in good faith, with the Premier League, to ensure that the resulting contract and regulatory changes are good for both competitions and football as a whole."