At the close of the 1991 season, a proposal was tabled for the establishment of a new league that would bring more money into the game overall. The Founder Members Agreement, signed on 17 July 1991 by the game's top-flight clubs, established the basic principles for setting up the FA Premier League. The newly formed top division would have commercial independence from The Football Association and the Football League, giving the FA Premier League licence to negotiate its own broadcast and sponsorship agreements. The argument given at the time was that the extra income would allow English clubs to compete with teams across Europe.