At a meeting of the English Premier League’s 20 chairmen, clubs voted “overwhelmingly” in favor of introducing financial restrictions, including short-term limits on pay raises and forcing clubs to work towards breaking even. The EPL’s 20 members agreed to reconvene this week, when 14 votes would be required to approve the financial proposals.

Full details of the agreement will be disclosed later today, but West Ham Chairman David Gold told Sky Sports News: "The clubs supported change. We've all voted and it was overwhelmingly supported. Some clubs are a little concerned, but the vast majority voted in favor. That will now go to the board for putting into rules, and we'll vote on that in April.

"It's not a salary cap,” he added, “it's a restraint on over-spending. If clubs increase their revenues then they can increase their spending. We have got restraint, that's the important thing."

The move toward financial regulation follows UEFA’s Financial Fair Play initiative. Under UEFA’s new rules, clubs are being forced to minimize losses or they risk the possibility of exclusion from European competition beginning with the 2014-2015 season.