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Premier League clubs have agreed to implement a spending cap.
This decision emerged from discussions during a Premier League shareholders' meeting held at The Churchill hotel in London on Monday.
The proposal is now poised for voting at the league's annual general meeting scheduled for June.
If the proposal receives approval at the June AGM, it will replace the existing Profit and Sustainability Regulations starting from the 2025-26 season.
During the recent voting process, three clubs opposed the proposals while 16 were in favour, with one club choosing to abstain.
Manchester United, Manchester City, and Aston Villa voted against the new measures, while Chelsea refrained from voting.
Under the proposed change, clubs will be restricted to spending between 4.5 and five times the TV revenue of the lowest-paid club.
