Premier League clubs have voted AGAINST introducing a salary cap despite a major overhaul of the league's spending rules. The new proposals would have seen the previous financial rules binned in favour of a new approach.

All 20 Premier League clubs came together to vote on Friday having voted on Friday, it has been decided that a salary cap will not be part of the new system. 12 clubs voted against the proposal, while seven voted for.

However, some major changes have been introduced. A squad-to-cost ratio will be brought into force. This new guideline will effectively replace the profitability and sustainability rules (PSR).

Clubs are now limited to spending no more of 85% of annual revenue on “football costs”, and that is understood to account for transfer fees and the cost of coachi

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