West Ham United co-owner David Gold is confident the Premier League’s new spending controls have backing amongst the clubs.
Gold said that the proposals for controls had received the backing of the majority of top-flight chairmen.
He said: "We have all voted and it was overwhelmingly supported, not by all the clubs - some are a little concerned - but the vast majority of the clubs voted in favour."
It will be the first top-flight European league to bring in such a system, but it is expected to be less hard-hitting than UEFA's financial fair play (FFP) scheme, which comes into force next season, in that it will allow club owners to cover significant losses.
Clubs will also be restricted by how much they will be allowed to increase their wage bills.
Gold added: "It's not a salary cap, it's a restraint on over-spending. It's not a cap - it's a restraint.
"If clubs increase their revenues then they can increase their spending.
"We have got restraint, that's the important thing.
"What's driving the whole thing is we've got to avoid another Portsmouth."