Stonewall is behind the 'Rainbow Laces' initiative but according to The Athletic, the league has halved the amount it puts in, which had been over £100,000 per year. It is also no longer a member of Stonewall's global diversity programme.
The article (https://theathletic.com/5119875/2023/12/07/premier-league-rainbow-laces/ - not sure if archiving will work as it's paywalled) suggests it's possibly down to
- Trying to avoid upsetting overseas markets where being gay is illegal
- Clubs and the league doing more diversity stuff in-house, so why pay twice to tell fans and players that being gay is fine, actually and no-one should be bullied because of it
The article does mention Stonewall's messianic focus on contentious trans politicking and the fact that many other organisations have retreated from working with them.
Someone even mentions TERF island in the comments!