Ipswich Town chairman and chief executive, Mark Ashton, has lauded Ed Sheeran's influence on the club, claiming that his backing has given them a greater reach than that of football giants such as Manchester United.

The singer-songwriter, who has been a fan since childhood, took a 1.4 per cent stake in the Suffolk club after being their shirt sponsor since 2021. "He's incredible," Ashton remarked at The Summit during Leaders Week London.

"When we launch a kit and he's live on a stage in [Las] Vegas - we have a reach that even Manchester United and Chelsea would love to have, because he's a world superstar who cares about this football club - and he sponsored the club when no one really wanted to."

Ashton also urged the Premier League and the EFL to come to an agreement regarding TV revenue sharing. The negotiations have been stalled since March - further complicated by Manchester City's ongoing legal battle with the division over financial regulations and the anticipated establishment of an independent regulator.

Despite the contrasting opinions, including those from EFL chairman Rick Parry, Ashton reiterated a long-standing support for parachute payments to relegated clubs: "I'm a capitalist at heart and was on the EFL board. They know my view, I'm in favour of parachute payments," he declared.

Ashton also reckons it's time to reassess the Financial Fair Play rules, suggesting they are outdated and no longer reflect the current costs of competing at these higher levels. "But I think we need to review the Financial Fair Play (FFP) regulations, I think they are outdated, and costs have changed," Ashton explained.

"You can see that the Premier League clubs couldn't spend as much this summer because of FFP."

He went on: "I think it needs to be in line with UEFA rules in their competitions, but that has to be a flow between the Championship and Premier League.

"We need to look at the PL working with the EFL for a new financial deal - whatever that looks like."

The top-flight's profitability and sustainability rules (PSR) are gearing up to change by the finish of this campaign, paving the way for squad cost rules (SCR) more closely aligning with UEFA. These rules cap spending on transfers, wages, and agents' fees relative to revenue.

UEFA sets clubs in its competitions a limit of 70 per cent, while the Premier League is looking towards an 85 per cent threshold. The SCR system is currently operating on a 'shadow' basis for trial purposes this season.