Leicester City will be guaranteed an extra £16 million if they win the play-offs.

The extra income will come after Football League chairmen voted in favour of proposals to increase the parachute payments to relegated clubs to £48 million over four years after a meeting at Walsall FC's Banks's Stadium.

The new payments, which rise from £16m a year over two years, will start from next season and are part of a package of solidarity payments from the Premier League to the Football League.

Even if they are unsuccessful in the play-offs and remain in the Championship, City's solidarity payments from the Premier League will increase to £2.3m a season under the new agreement.

The League One and Two clubs had initially blocked the change at a meeting 10 days ago at the Walkers Stadium but were told by the Premier League it was a take-it-or-leave-it offer.

A Football League spokesman admitted that many clubs had expressed fears about the changes. Many smaller clubs fear increased money going to the Championship will widen the gap with League One and Two.

The spokesman said: "Following a frank but constructive meeting, Football League clubs have voted to accept the Premier League's revised solidarity and parachute payments proposals. While many clubs expressed concerns about the proposals, their acceptance was considered the only viable way forward.''