Increasing levels of debt and a drop in television income has seen the 72 clubs agree to the system 'in principle' at the league's annual meeting in Cyprus.
Football League chairman Greg Clarke said: 'This is a very important step forward for professional football as it will help our clubs exert greater control over their finances.
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'Much more work needs to be done, but I am hugely encouraged and impressed by the energy and focus of our clubs on this issue.
'They have been the catalyst for change and have shown a real desire to self-regulate in this area. I congratulate them on taking this bold step.'
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Source: Daily Mail
Source: Daily Mail