Clubs relegated from football's top flight will receive in excess of £60m over a four-year period from next season.
The Premier League has agreed new parachute payment arrangements, although it is yet to confirm the exact figure.
Clubs relegated to the Championship currently receive £48m over four years.
Premier League's helping hand
Since 2010, clubs relegated from the Premier League have received £15m then £17m for the first two seasons, then £8m for the two seasons after that.
Reading, Queens Park Rangers and Wigan are currently in the bottom three and facing relegation.
Parachute payments were introduced to help relegated clubs absorb the huge losses in revenue that accompany dropping out of English football's lucrative top division.
The new deal will remain in place for the next three years and replaces a deal agreed in 2010. Then, the Football League
voted to accept parachute payments
from the Premier League over four years instead of two - although the payments increased from £32m to £48m.
The revised payments meant that instead of clubs relegated from the Premier League receiving £16m a year for two years, they received the money over four years - £15m for the first season, £17m for the second and then a further two payments of £8m per season.
Last month, chairmen of the 24 Championship clubs met to discuss the latest proposal, but the outcome of the meeting was inconclusive.
Earlier this season, current Rochdale boss Keith Hill criticised parachute payments when he was manager of Championship side Barnsley,
stating that they were "rewarding failure".
"I've never been rewarded for doing anything wrong or being relegated," he told BBC Radio Sheffield.
"Clubs that get relegated get rewarded financially, how does that make sense?"
He told BBC Sport: "The bigger increase in parachute payment should, by rights, help the transition for any club that gets relegated to the Championship.
"What it will also do is make it a little bit more difficult for other clubs in the Championship to compete.
"It is almost like, in many ways, they [the Premier League] are protecting the integrity of the three clubs that are relegated to the Championship, giving them a lot more money to survive in the league below which might then increase the same three clubs's chances of getting promotion at the first attempt."
Security for Sunday's London Marathon will be reviewed after two fatal explosions hit the Boston Marathon, but the event will go ahead, officials say.
At least three people were killed and more than 100 injured by the blasts near the finish of Monday's US event.
About 375 Britons were listed as taking part, but there has been no confirmation of any British casualties.
Sports Minister Hugh Robertson said he was "absolutely confident" the London Marathon could be kept safe.
London had "enormous experience" of delivering major events and the UK had some of the best security professionals in the world, he told the BBC, adding: "This is one of those instances where the best way to show solidarity with Boston is to continue."
Home Secretary Theresa May has been briefed on the bombings by Scotland Yard Assistant Commissioner Cressida Dick and MI5 chief Sir Jonathan Evans.
At this stage, there are no plans for a meeting of the government's emergency committee Cobra, but high-level discussions were already planned and will go ahead because of Baroness Thatcher's funeral on Wednesday.
Organisers of the London Marathon moved quickly to announce a full review of security following the tragic events in Boston.
But chief executive Nick Bitel insisted there was "absolutely no chance" that this year's marathon would be cancelled.
While that comment may have felt a bit knee jerk, the defiant sentiment was right.
A total of 36,000 runners, including the double Olympic champion Mo Farah are due to take part in the race from Greenwich Park to The Mall. But, as with so many big city marathons, London's is a joyous celebration of all talents, not just the elite. This is what makes it one of the highlights of the British sporting calendar.
The peaceful triumph of last summer's Olympic Games in London had reduced security concerns around this year's event. But protecting a 26-mile course which is completely open to hundreds of thousands of spectators is always a major challenge for the Metropolitan Police and organisers.
The dreadful and terrifying images emerging from America overnight have ensured that the question of terrorism will now hang heavy over Sunday's event.
What happened in Boston provides another chilling reminder of how vulnerable sport can be.
The Metropolitan Police said security for the funeral in central London would not be affected by the Boston explosions and that it was a very different event.
He later told the BBC that he "fully expected" the London Marathon, which first took place in 1981 and was completed by more than 37,000 people last year, to go ahead.
He said security plans "take account of many contingencies, including this type of threat and incident, but one can't be complacent and when it has happened, you need to then review those plans you have in place to see what else may be necessary."
St James's Palace said Prince Harry would still attend the marathon to make the presentations to the winners.
The London Marathon route, which is lined by hundreds of thousands of spectators every year, starts in Blackheath and finishes near Buckingham Palace, passing some of the capital's most recognisable landmarks including Tower Bridge, Canary Wharf and Big Ben.
Of the deadly Boston blasts, UK Prime Minister David Cameron said: "The scenes from Boston are shocking and horrific - my thoughts are with all those who have been affected."
London Mayor Boris Johnson described the bombings as "shocking, cowardly and horrific".
He has spoken to Met Police Commissioner Sir Bernard Hogan-Howe about the possibility of extra security for the London Marathon.
"We do have robust security measures in place, but given events in Boston it's only prudent for the police and the organisers of Sunday's race to re-examine those security arrangements," he said.
'Runners offered blood'
According to the Boston Marathon website, 374 of the more than 25,000 registered entrants to one of the US's biggest sporting events were British.
UK Athletics confirmed that none of its elite runners had taken part.
Keith Luxom, part of a group of 24 British runners, had already finished when the bombs went off. He told BBC Breakfast the jubilant mood changed to one of "shock, horror and total disbelief that people would target this great institution".
"Lots of runners went to the hospitals and offered blood," he said. "People were sharing mobile phones so people without one could phone home."
Mr Luxom, from Essex, says he will be running the London Marathon this weekend and he will be wearing his Boston finishing shirt.
The explosions happened at what is one of the biggest sporting events in the US
Sports Tours International, which organised a trip for 51 people - 40 runners and 11 non-runners - said all were accounted for.
David Mouncey, from Bristol, who finished the marathon 15 minutes before the explosions went off, told the BBC: "I hadn't planned to do Boston next year, but I would very much like to go back to support the Boston people and show that [I'm] not cowed by what's happened."
Marathon world record holder Paula Radcliffe posted on Twitter: "Situation looks awful, thoughts with everyone. There are some very sick people out there, who would do something like this?"
Police say they have also launched a review of security for the Greater Manchester Marathon, due to take place on Sunday 28 April.
Are you taking part in Sunday's London Marathon? Have you run the Boston Marathon before? You can send us your experiences using the form below.
Real Madrid's continuing financial success comes despite the recession in Spain
Real Madrid has overtaken Manchester United as the world's most valuable football club, according to business magazine Forbes.
It is the first time that Man Utd has lost the top spot since Forbes first started compiling its list in 2004.
Forbes now values the Spanish giant at $3.3bn (£2.2bn), with Man Utd in second place on $3.17bn. Barcelona is third.
Forbes said Real Madrid's financial success came despite the continuing woes of the Spanish economy.
"Real Madrid has been consistently delivering the highest revenues of any soccer team in the world, despite an intense economic meltdown in Spain," said Forbes.
"With superstars like Cristiano Ronaldo on the pitch, and coach Jose Mourinho on the bench, Real Madrid has thrived under the leadership of billionaire president Florentino Perez."
In coming to its figures, Forbes looks at a football club's various revenue streams, such as television money, ticket sales, merchandise and concessions.
After Barcelona on $2.6bn, Forbes found that Arsenal was the fourth richest club, worth $1.33bn, followed by Bayern Munich ($1.31bn), AC Milan ($945m), Chelsea ($901m), Juventus ($694m), Manchester City ($689m) and Liverpool ($651m)
David Beckham, now with French team Paris St-Germain, was the highest earning player, followed by Real Madrid's Ronaldo.
In 2012, Morgan Stanley cut 4,500 jobs, or 7%, of its workforce
Morgan Stanley has reported a first quarter profit of $958m (£627m), compared with a $119m loss last year.
But investors appeared to be unimpressed, sending shares down 4.33% in afternoon trading.
Revenue from its wealth management group offset a decline in its fixed income and commodities trading unit.
The US bank has been focusing on wealth management as a stable source of growth.
"Morgan Stanley demonstrated solid momentum across the firm this quarter," said chief executive James Gorman in a statement.
Excluding a one-off charge related to changes in the value of the bank's debt, it recorded a profit of $1.2bn for the quarter, down from $1.4bn last year.
Excluding these charges, total revenue fell 4.8% to $8.5bn, although still above analysts' expectations of $8.35bn.
Revenue from its wealth management business, which provides financial advice for high net-worth clients, made up 41% of the bank's total revenue, growing 5.4% to $3.47bn.
Operating pre-tax profit in the wealth management business was the highest in the bank's history, said Mr Gorman.
However, revenue from the bank's fixed income and commodities trading unit fell to $1.5bn from $2.6bn a year earlier, reflecting falls in commodities and rates.
"Morgan Stanley has seen a huge shift to global wealth management, which should pay off," said Bernie Williams, a vice president at USAA Investments.
"I'm attracted to that business because it has fewer regulatory obstacles than trading and it provides more stable earnings," he added.
Morgan Stanley is scheduled to purchase in June Citigroup's remaining stake in their joint venture, Morgan Stanley Smith Barney, the retail brokerage.
Shares of Nokia have fallen 13% after higher sales of its Lumia smartphones failed to offset a decline in its mobile phone unit in the first quarter.
In its earnings report, the Finnish firm said sales of Lumia handsets rose 27% in the first quarter of 2013, but that total sales of mobile phones fell 30% to 1.59bn euros.
Revenue fell 20% to 5.85bn euros, down from 7.35bn euros a year earlier.
Nokia is trying to catch up with rival smartphone makers Apple and Samsung.
The company reported a 339m-euro (£290m) loss in the January-March period, down from a loss of 1.57bn euros last year.
In the first quarter of this year, Nokia shipped 55.8 million handsets. It sold a total of 11.1 million smartphones including 5.6 million Lumia phones, 500,000 Symbian units and five million units of its entry-level Asha phones, which fell 46%.
"The shortfall is in the cheaper mobile phone side, where both volumes and average selling prices came lower than expected. That is of course a bit worrying, since that has been their bread and butter business in the Devices and Services unit," said Hakan Wranne, analyst at Swedbank.
"I think we will see the market's profit estimates for 2014 come down," he added.
The only bright spot in the report was Nokia's Lumia smartphone range, for which the company expects to see more demand in coming quarters.
The Lumia uses Microsoft Windows software, after Nokia abandoned its own operating system two years ago.
"Six million Lumias is quite promising," said Francisco Jeronimo, research manager at IDC, a tech research firm.
"They are on a right track and we can see a much better year for Nokia smartphones. They are far from volumes of Samsung and Apple, but that is not where Nokia is trying to compete now. Nokia is trying to go for the mass market.
"They are trying to compete on the segment where consumers are moving from feature phones to smartphones, but they want cheap smartphones."
In other areas of the company, its telecoms equipment venture, Nokia Siemens Networks, reported a fall in sales.
"We have areas where we are making progress and areas where we are further increasing the focus," said Nokia chief executive Stephen Elop, who was hired in 2010 to revive the company.
"For example, people are responding positively to the Lumia portfolio and our volumes are increasing quarter over quarter.
"On the other hand, our mobile phones business faces a difficult competitive environment, and we are taking tactical actions and bringing new innovation to market to address our challenges," he added.
Norwegian energy giant Statoil has said it has found "significant" new oil resources in the North Sea.
The company estimates the discovery could yield between 40 and 150 million barrels of oil.
The find is in the Gullfaks oil field, which has been in production since the 1980s.
Norway has been looking for more oil deposits in the North Sea and has stepped up exploration in the Arctic.
Oeystein Michelsen, executive vice president for Statoil's development and production in Norway, called the discovery "a result of Statoil's strategy for revitalisation of the Norwegian continental shelf.''
Norway is the largest oil producer in Western Europe, pumping about three million barrels of oil a day, according to the country's Ministry of Petroleum and Energy.
Are you taking part in Sunday's London Marathon? Have you run the Boston Marathon before? You can send us your experiences using the form below.