Premier League clubs have agreed to continue working on introducing a hard spending cap from the start of the 2025-26 season as part of a new system of financial controls to replace the much-maligned Profit and Sustainability Rules.
Under proposals to be formally voted on at the Premier League's AGM in June, all clubs' spending on transfers, wages and agent fees will be limited to around five times the amount earned by the top-flight's bottom club in TV and prize money, which was £100.3million for Southampton last season.
Manchester United, Manchester City and Aston Villa all voted against the new system known as 'anchoring' at a meeting in London on Monday, with Chelsea abstaining, but with 16 clubs in favour the new restrictions are expected to be agreed at their end of season meeting.