Top-flight clubs also approved a salary cap as the league supported the most far-reaching spending reforms since the boom that led to influx of billionaire owners
Premier League clubs have voted in favour of introducing a domestic financial fair play model from next season.
West Ham co-owner David Gold has confirmed that proposals to limit a club's losses were approved "overwhelmingly" at a showdown meeting in London on Thursday afternoon.
The top-flight clubs also approved a cap on wage increases as the league supported the most far-reaching spending reforms since the boom that led to an influx of billionaire owners led by Roman Abramovich and Sheikh Mansour.
It is not yet known which clubs supported the new measures but 14 of the 20 votes are required to push through reforms.
At the last full shareholders' meeting in November, Arsenal, Chelsea, Everton, Liverpool, Manchester United, Newcastle United, Norwich City, QPR, Reading, Southampton, Stoke City, Sunderland, Swansea City, Tottenham, West Ham and Wigan had all indicated that they were in favour of stricter financial regulation.
This came after four breakaway clubs – Arsenal, Liverpool, Manchester United and Tottenham – attempted a coup in a bid to push through a strict break-even rule.The four clubs most likely to oppose the introduction of cost-control measures at the meeting in a London hotel were Aston Villa, Fulham, Manchester City and West Brom.
Insiders say that the Premier League FFP system will be a more "sophisticated" version of Uefa's, which comes into force next season and limits owners to covering losses £38.9 million [€45.5m] losses over the first three years.''