Since 1992 the Premiership has represented the top tier of English football. It has adopted various "Title" sponsors over the years, but within this context will be referred as simply the "Premier League" or "Premiership".
The decision to form the Premier League was simply a one of finance. The original idea being accredited to Greg Dyke, managing director of London Weekend Television (LWT), he met with representatives of the "big five" football clubs in England in 1990. [The big five being, Manchester United, Liverpool, Tottenham, Everton and Arsenal.] Dyke believed it would be more lucrative for LWT if only the larger clubs in the country were featured on national television and wanted to establish whether the clubs would be interested in a larger share of television rights money. Under the Football League television revenue was shared amongst all League clubs, this new "breakaway" league would only share the revenue with clubs that were active within it.
Perhaps not unsurprisingly the clubs were in agreement. It was recognised though that this new league would have no credibility at all without the backing of the Football Association (FA) and so it fell to David Dein (vice-chairman of Arsenal) to hold talks to see whether the FA were receptive to the idea. It was widely accepted that at the time that the FA did not enjoy an amicable relationship with the Football League and so considered this as a way to weaken the Football League's position. So, in 1992 the FA Premiership was born!
NB: Prior to 1976 a system of "Goal Average" was used instead of the current "Goal Difference". The current 'goal difference' being goals scored minus goals conceded. Goal average being goals scored divided by goals conceded.