The Football Supporters' Association has described Project Big Picture as a "sugar-coated cyanide pill" that could poison our national sport.
EFL chairman Rick Parry has joined forces with Liverpool and Manchester United to cook up plans to overhaul the game in the wake of the Covid-19 crisis.
The proposals include reducing the top flight to 18 clubs, handing all the voting power to the top flight's 'big six' and providing the EFL clubs with a £250m rescue package to save them from going bankrupt.
But the FSA insists there are no guarantees that the Premier League will hand over £250m to EFL clubs and has opposed the new proposals.
An FSA statement said: "While Project Big Picture dangles an alleged £250m 'rescue fund' in front of clubs to cover lost revenues during the 2019-20 season they might actually be a sugar-coated cyanide pill.
"Apparently 'money will be advanced to the EFL from increased future revenues'. Is there a guarantee that the money will even materialise?
"The entire package is based on projected revenues which are, in turn, based on the current media deal. Where is the guarantee that will happen?"
Meanwhile Rotherham chairman Tony Stewart has predicted "dire disaster" as early as this month – with at least six EFL clubs going bust if financial help is not forthcoming.
He said: "For a long time now the wealth of money that comes into football is not distributed in the way it should be. The good news is it's been highlighted.
"I think Rick Parry has more or less said things have got to happen. There were talks before the Covid disaster and now it's coming to a head.
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"We welcome a change, an opportunity to be able compete and to run it more like a business than a charity where we have donors coming in from all over the world and we are losing sovereignty – more and more English and British chairmen are going by the wayside because they can't afford to put on a community sport for their town, their city.
"So I welcome the change. If things don't happen soon I know for a fact more than half a dozen EFL clubs will go by the wayside, and I'm not exaggerating.
"If nothing does happen – and I'm talking in the month of October – dire disaster will happen to clubs all around the UK."
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