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On February 20, 1992, the First Division (the premier league from 1888 until 1992) clubs decided to secede from the English Football League, which led to the creation of the FA Premier League. Teams might still be promoted from and demoted to the EFL Championship, though. The Premier League benefits from a £5 billion television rights agreement, with domestic rights to 128 and 32 games being secured by Sky and BT Group, respectively. The four seasons from 2025 to 2029 will see this agreement increase to £6.7 billion. From 2022 to 2025, the league is expected to receive $7.2 billion in foreign television rights revenue. As a business led by a chief executive, the Premier League is owned by its member clubs.