Top-flight clubs in England are facing further financial problems after the Premier League announced that has ended its biggest overseas contract.

The deal with streaming service PPTV in China has been cancelled with immediate effect meaning that the company can no longer broadcast live Premier League matches.

The three-season deal was worth £564 million (€632 million) and still had two more seasons to run so the cancellation now leaves clubs with a massive financial hole to fill.

"The Premier League confirms that it has today terminated its agreements for Premier League coverage in China with its licensee in that territory," read the short official statement.

"The Premier League will not be commenting further on the matter at this stage."

It has been widely reported that PPTV witheld its latest payment of £160 million last March, over concerns surrounding the coronavirus pandemic while it's understood that league have said reasons for the termination are financial and not political.

The pandemic forced a halt to last season on 13 March but the teams returned to action in June.

PP Sports also owns exclusive rights to Europe’s four other biggest top flight leagues, La Liga, Serie A, the Bundesliga and Ligue 1 as well as all of UEFA's major tournaments including the Euro Qualfiers, Nations Leagua, Champions League and Europa League.