The Premier League was created as the FA Premier League in 1992 by the twenty-two clubs of the First Division of the 104 years old Football League. The decision of the breaking away of the top clubs from the Football League, was a direct result of the derelict conditions of English football, the five years ban on English clubs in European matches and the new bids on the broadcasting rights of television networks in the early 90s.
After the Manchester United FC won the UEFA Cup in 1991, the Football League looked for ways to improve its financial conditions. With the television systems becoming well established, soon there was heavy competition among the TV network companies to win the telecasting rights for the fanatically popular English club games. The Football League, in a attempt to seized this opportunity an capitalize on the support of the Clubs, permitted its topmost teams from the First Division to break away. These initial 22 English clubs formed the FA premier League Corporation Ltd. and collectively conducted their own tournament every year.
The FA premier League was renamed as the ‘Premier League’ in 2005 that consisted 20 clubs in that and all consecutive seasons. The reason for the reduction being, the FIFA directives to reduce the amount of regional club games, that were played as a part of a league worldwide.
The Premier League is a corporation located in England and Wales of the UK that enjoys the rights of a limited company. The company is owned equally by the 20 participant clubs and also a part of the Premier League shares are held by the Football Association that regulates all the football matches in the UK. The positions of all the clubs in the company are weighted equally and can contribute one vote each regarding the various decisions in the League. Furthermore the FA has special veto powers in order to oversee that football ethics are adhered to in the company rulings.
The shareholders (Clubs) of the Premier League together appoint, by voting, the Chairman, the Members of the Board of Directors and the Chief Executive of the Company to perform the various day-to-day tasks of the League. Sir Dave Richards is the present Chairman of the Premier League, since his appointment in the April of 1999 and then later, in November of 99, Richard Scudamore was installed as the Chief Executive of the League.
The Premier League represents England by sending the club representatives with the top UEFA rankings to the European club Association. This association then elects three of its members to be a part of the Clubs Competitions Committee of the UEFA.