Premier League clubs have voted in favour of developing plans to introduce a spending cap.
A majority of clubs voted in favour of the Premier League doing the final economic and legal analysis needed to create a spending cap model.
The model will be presented to clubs at June's AGM and - should clubs vote in favour then - it will replace the Profit and Sustainability Rules currently in place, from the 2025-26 season onwards.
Manchester United, Manchester City and Aston Villa voted against the possible introduction of a spending cap on Monday, while Chelsea abstained.