A group of Premier League clubs are lobbying for a private equity-style proposal to invest in the Women’s Super League, according to people familiar with the situation.

The Football Association, which currently manages the WSL, has held discussions over the past few months about the future of the league, according to a spokesperson.

“A number of options have been looked at,” an FA spokesperson said. “We will pursue the options we feel are in the best interests of the sustainable development and growth of the game.”

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Women’s football in England is growing quickly but is still largely loss-making despite growing revenues, attendance and viewing figures. Last weekend’s match between Chelsea FC and Liverpool Football Club was watched by a record-breaking 1 million-plus audience on the free-to-air BBC.

A small number of Premier League teams — who wish to remain nameless discussing what they see as a sensitive topic — prefer an investment into the WSL’s commercial operations rather than paying for the women’s league.

A number of leagues, including Spain’s La Liga, have sold stakes in their league’s media rights in a bid to shore up finances.

Such a deal, which would need a return on investment, would help create a financially sustainable women’s league and protect it against the perceived excesses of men’s football, the people said.

The FA has asked the 20 top-flight male clubs to put forward £25 million ($31.4 million) to fund the elite women’s league but has struggled to get enough votes to push ahead with its funding plan, according to a report by the Daily Mail.

A separate vote on Tuesday for a £20 million interest-free loan from the Premier League to the WSL did not take place, according to people familiar with the situation.

London-based private equity firm Bridgepoint approached the FA about buying a stake in the WSL in 2020, according to a report from Sky News.

Football clubs, including those who do not have teams in the WSL and have historically focused on the men’s competition, are reluctant to fund the league because they see it as benefiting richer clubs who manage men’s and women’s teams, including Manchester United, Arsenal, Chelsea and Manchester City, the people added.

A spokesperson for the Premier League said that it continues to discuss with clubs and the FA about the future of the women’s game.