Premier League chairman 'approaching consensus' on financial regulations
The Premier League will work on plans to introduce tighter financial rules ahead of the next meeting of its 20 members.
Last Updated: 18/12/12 4:55pm
Chairmen of the clubs gathered in London on Tuesday to discuss a proposal to impose short-term limits on wage rises and another which would force clubs to work towards breaking even.
There was agreement in principle but the Premier League has been asked to add detail to the plans before chairmen can vote on the issue, possibly when they reconvene on 6 February next year.
The approval of 14 clubs would be required before any proposals were adopted, and it is understood there are clubs who remain opposed to greater restrictions on spending.
But West Ham co-owner David Gold told Sky Sports News: "People are realising the importance of coming to a consensus and we're moving ever closer to it.
"It's important we bring in governance to ensure the Premier League in future never has to experience what happened to us when Portsmouth went into administration."
The possibility of new regulation has arisen against the backdrop of UEFA's Financial Fair Play initiative.
Under UEFA's new rules clubs are being forced to minimise losses or risk the possibility of exclusion from European competition from 2014/5.
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