The spending cap, known as 'anchoring', will result in top teams being restricted to spending a proportion of the amount that the bottom club receives in TV money. This will apply to transfer spending, as well as wages and agent fees, with the aim of ensuring the Premier League remains competitive as opposed to being dominated by a few super-rich clubs.

At the meeting on Monday, an agreement in principle was reached for the spending cap to be introduced, according to The Times. It is said that 14 out of 20 votes were needed for the proposal to be passed ahead of further discussions before the AGM in June.

Three clubs are thought to have voted against the proposal, with United and City being joined by Villa in opposing the plans. Chelsea, meanwhile, were said to have abstained from the vote.

MORE TO FOLLOW

We'll be bringing you the very latest updates, pictures, and video on this breaking news story.

For the latest news and breaking news visit: /sport

Stay up to date with all the big headlines, pictures, analysis, opinion, and video on the stories that matter to you.

Follow us on Twitter @DExpress_Sport - the official Daily Express & Express.co.uk Twitter account - providing real news in real-time.

We're also on Facebook @DailyExpressSport - offering your must-see news, features, videos, and pictures throughout the day to like, comment, and share from the Daily Express, Sunday Express, and Express.co.uk.