Premier League clubs have agreed in principle to a form of cap on squad spending ahead of regulations being formulated, Sky News understands.
Clubs still have to agree whether to introduce the rules that would anchor the maximum spending to a multiple of the league's lowest-earner from TV revenue and prize money.
After a meeting in central London on Monday, Sky News was told three clubs voted against the plan - current champions Manchester City, Manchester United and Aston Villa. It is understood Chelsea abstained.
But the plans could now advance to the league's annual general meeting in June that could lead to the spending cap being introduced.
One option floated is capping spending linked to transfers and salaries to five times that of the lowest-earning club.
Premier League clubs agree squad spending cap 'in principle'
The proposed new rules, which are still to be agreed, would set a maximum limit based on a multiple of how much the lowest-earning club took from TV revenue and prize money, which, if in place last season, would have set the cap at £518m.
news.sky.com