The English Championship is set to introduce its own financial fair play rule, just like UEFA will do.
Football League chairman Greg Clarke has revealed to Press Association Sport that clubs in England's second division have voted in principle to bringing in the rule that will see teams spend what they earn.
The Championship clubs voted to look at financial fair play and in principle decided that was the road they wanted to go down," Clarke said.
"I think it's essential, and the energy to solve this is coming from the clubs themselves.
"It's a perfect storm in that a lot of things have come together to make this happen, including of course the level of debt in the game - £700million in the Football League, most of that in the Championship - and big losses being racked up by the clubs."
But Clarke admitted there may be a few issues with the new ruling.
"These things are never unanimous and a couple of the clubs would rather not have constraints on how much money they can spend," added Clarke.
"I would hope this could lead to a return to the days when local communities could own the clubs rather than rely on offshore benefactors.
"There is also a proposal for League One clubs to shadow the League Two system (where teams can spend a maximum of 60% of their turnover on wages) in the coming season with a view to their adopting it the season afterwards."