Premier League clubs voted in a historic decision on Monday (April 29) after they agreed to implement a spending cap to complete the economic and legal analysis needed for such a model.

Premier League clubs voted in a historic decision on Monday (April 29) after they agreed to implement a spending cap to complete the economic and legal analysis needed for such a model. The spending cap model will be presented to clubs before a final vote at the league's Annual General Meeting in June. The decision will bridge the gap between the spending power of big spending rich clubs and low-budget clubs in the Premier League and could come into effect from the 2025-26 season. Premier League clubs go for historic vote "We will obviously wait to see further details of these specific proposals, but we have always been clear that we would oppose any measure that would place a 'hard' cap on player wages," the Professional Footballers' Association (PFA) said. "There is an established process in place to ensure that proposals like this, which would directly impact our members, have to be properly consulted on," the statement added. The new spending cap rule will replace the now-existing Profitability and Sustainability Rules (PSR) from 2025-26. The new rule will prevent mega-rich clubs from overspending in upcoming seasons helping bring parity for clubs on the pitch. ALSO READ | ICC Men's T20 World Cup 2024: Latest updates of all squads named so far The cap, discussed at a Premier League shareholders' meeting on Monday, would be based on how much money the lowest-earning club in the English top flight makes from television rights and could come into effect as early as the 2025-26 season. Of the present 20 clubs in the Premier League, 16 voted in favour of the decision while Chelsea abstained. Manchester City, Manchester United and Aston Villa dissented from the decision. Premier League clubs had agreed in principle to introduce new financial rules next season, voting in April for squad cost ratio rules to replace PSR, which allows clubs to lose £105 million ($131.93 million) in a three-season period. Clubs will likely be limited to spending 85% of their revenue on transfers, wages and agents' fees if the new rules are adopted at the AGM in June.

Premier League: Spending cap to be introduced from 2025-26 season after clubs vote in favour of decision

Leicester City could face a points deduction after the Premier League referred them to an independent commission on Thursday (March 21) over alleged breaches in the league's spending rules.

Leicester, who were relegated to the Championship last season, had failed to submit their audited financial accounts, the Premier League said in a statement.

"The alleged breach relates to the assessment period ending Season 2022/23, when the club was a member of the Premier League," the statement said.

"The proceedings will be conducted in accordance with a timetable to be set by the independent commission."

ALSO READ |&nbsp;<a href="https://www.wionews.com/sports/ipl-2024-youve-to-respect-his-decision-csk-ceo-on-ms-dhoni-handing-over-captaincy-to-gaikwad-702800">IPL 2024: ‘You’ve to respect his decision’ – CSK CEO on MS Dhoni handing over captaincy to Gaikwad</a>

If found guilty, Leicester could become the third club to face a points deduction for breaching Premier League spending rules, after Everton and Nottingham Forest.

Defending champions Manchester City were also referred to an independent commission last year over more than 100 alleged breaches of finance rules. No verdict has yet been reached in that case.

Leicester are second in the Championship, equal on points with leaders Leeds United, as they pursue promotion back to the Premier League.

Leicester City could face a points deduction after the Premier League referred them to an independent commission on Thursday (March 21) over alleged breaches in the league's spending rules.

Leicester City could face a points deduction after the Premier League referred them to an independent commission on Thursday (March 21) over alleged breaches in the league's spending rules. Leicester, who were relegated to the Championship last season, had failed to submit their audited financial accounts, the Premier League said in a statement. "The alleged breach relates to the assessment period ending Season 2022/23, when the club was a member of the Premier League," the statement said. "The proceedings will be conducted in accordance with a timetable to be set by the independent commission." ALSO READ | IPL 2024: ‘You’ve to respect his decision’ – CSK CEO on MS Dhoni handing over captaincy to Gaikwad If found guilty, Leicester could become the third club to face a points deduction for breaching Premier League spending rules, after Everton and Nottingham Forest. Defending champions Manchester City were also referred to an independent commission last year over more than 100 alleged breaches of finance rules. No verdict has yet been reached in that case. Leicester are second in the Championship, equal on points with leaders Leeds United, as they pursue promotion back to the Premier League.

Premier League refers Leicester City to independent commission over alleged rule breach

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Premier League: Spending cap to be introduced from 2025-26 season after clubs vote in favour of decision

Premier League refers Leicester City to independent commission over alleged rule breach