Premier League agree new ‘anchoring’ salary cap rules to revolutionise the finance rules of football… as the three top clubs who voted against it – and another who abstained – are revealed

Premier League clubs have in principle agreed to a spending cap.

In a new referendum, three clubs voted against the proposals to 16, with one side abstaining their vote. 

The move would see clubs in the top division limited to spending a proportion of the amount the bottom club receive in TV and commercial money.

It is the first time ever a cap would be introduced to the Premier League, and the vote will now go to an Annual General Meeting (AGM) before it is potentially passed.

The vote took place in London on Monday, with further discussions over details, including the size of the cap, to be taken before the league holds its AGM in June.

The proposals are in place in a bid to ensure the league remains competitive rather than rich clubs dominating

The fproposed multiple was a factor of 4.5 from the bottom club’s figure – going on Southampton’s return last year, it would currently be £466.2million, whereas a factor of five would be £518m

Manchester United, Manchester City and Aston Villa voted against the new proposals, while Chelsea abstained their vote.

The Times suggest Ineos and Sir Jim Ratcliffe, new part-owners of United, are concerned that the salary cap would put Premier League clubs at a disadvantage compared to European rivals. 

The idea behind the proposals is to ensure the league remains competitive, with clubs set to be assured over the cap not causing any reduction on spending from their current levels.

One fear is that those English clubs who qualify for the expanded Champions League from next season will earn more money and have too big an advantage over the rest of the division.

This would be a cumulative process if the same clubs keep qualifying for Europe’s top competition.

14 out of 20 clubs need to vote in favour of the cap for it to pass later on this year.

Ultimately, the principle, known as ‘anchoring’, will limit the amount of money any club can invest in their squad.

Based on last season, the key figure would be the £103.6million that Southampton – the bottom club – earned from TV and commercial revenues.

That would then be multiplied by whatever amount is agreed on and everyone else would have to keep their wages, amortised transfer fees and payments to agents below that figure.

Defending champions Manchester City were one of the three clubs to vote against the proposals

Erik ten Hag’s Manchester United and Unai Emery’s Aston Villa also voted against the cap

Chelsea, who would have been the only club over a proposed cap last year, were the only side to abstain

When the idea was first suggested last year, the proposed multiple was a factor of 4.5 from that figure.  If working on a newly-suggested factor of five, the cap would be £518m.

Chelsea had an estimated squad cost of £539m last season, putting them above the cap. Man City, on about £501m, would just sneak underneath.

There also remains a debate over which figure to use as the base between total TV income and just the domestic deal.