Premier League clubs voted on Friday to overhaul the division's financial regulations from the start of next season -- but rejected controversial plans to introduce "anchoring."

The league's Profitability and Sustainability Rules (PSR) will be scrapped in favour of Squad-Cost Rules (SCR), which limit clubs to spending no more than 85% of their football revenue and net profit or loss from transfers.

The Premier League confirmed in a statement that "a multi-year allowance of an extra 30% will incur a levy and once the allowance is exhausted, they will need to comply with 85 per cent or face a sporting sanction."

The move to SCR brings the Premier League more into line with UEFA, which currently dictates that clubs participating in its competitions must spend no more than 70% of revenue o

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