The Premier League says its clubs will be punished with a points deduction if they breach new spending controls, reports BBC Sport.
Each team will not be allowed to make a total loss of more than £105m over the next three seasons and must limit their player wage bills from next season.
"If people break the £105m we will look for the top-end ultimate sanction range - a points deduction," said Premier League boss Richard Scudamore.
The rules are designed to improve the financial sustainability of clubs.
Investment in areas such as stadia and academies will be exempt.
The 'yes' vote only narrowly achieved the necessary two-thirds majority of the 19 votes cast.
It is understood that Fulham, West Bromwich Albion, Manchester City, Aston Villa, Swansea City and Southampton all voted against. Chelsea, who had initially been viewed as opponents of financial fair play regulations, voted in favour.