Premier League clubs have reportedly taken a significant step towards ensuring a fairer playing field in English football, as they have agreed to the implementation of a spending cap despite resistance from some of the league's heavyweights.

Manchester United and Manchester City were said to have voted against the proposal (Image: GETTY)

Manchester United, Manchester City, and Aston Villa are among the clubs reported to have voted against the proposal during a Premier League shareholders' meeting on Monday. The proposed spending cap, referred to as 'anchoring', aims to curb the financial might of top clubs by restricting their spending on transfers, wages, and agent fees to a proportion of the TV revenue received by the bottom club.

The objective behind this move is clear: to maintain competitiveness within the Premier League and prevent it from being dominated solely by a select few wealthy clubs. By introducing measures that limit excessive spending, the league hopes to level the playing field and foster a more balanced competition.

Despite the opposition from some quarters, an agreement in principle was reached during the meeting, with reports indicating that 14 out of 20 votes were in favor of the proposal. However, further discussions are expected to take place before the spending cap is formally ratified at the Premier League's Annual General Meeting in June.

The proposed spending cap is just one aspect of a broader reform package aimed at overhauling the league's financial regulations. Among the proposed changes is the replacement of the current profit and sustainability rules with a squad cost control mechanism. Under this new framework, clubs will be prohibited from exceeding 85 percent of their total revenue on wages, transfer payments, and agent fees.

According to reports by Express, this move represents a significant departure from the status quo and reflects a growing consensus among Premier League clubs that decisive action is needed to address the widening financial disparities within the league. By imposing limits on spending, the aim is to promote financial prudence and prevent a scenario where clubs with the highest revenues hold an insurmountable advantage over their rivals.

Support for the spending cap has come from various quarters within the league, with concerns raised about the potential for state-backed clubs to wield disproportionate financial power. By introducing measures that promote financial restraint and accountability, the Premier League hopes to safeguard the integrity and competitiveness of English football for years to come.

As discussions continue in the lead-up to the AGM in June, the introduction of the spending cap marks a significant milestone in the ongoing evolution of the Premier League. While there may be disagreements among clubs regarding the specifics of the proposed reforms, there is a shared recognition that action is needed to ensure the long-term sustainability and competitiveness of English football.