Premier League announce plans for own financial fair play rules

The Premier League have announced that they are working towards introducing their own financial fair play regulations.

The notion was made at a shareholders meeting in London today involving all of the top-flight clubs, where it was suggested that regulations on finances would mirror that of European governing body UEFA.

The European ruling aims to prevent clubs from spending more money than they earn in an attempt to create a fairer way of running football clubs across the board.

The Premier League generates a vast amount of money, a large portion of which goes into players' wages. It is believed be aiming to introduce this new measure next season.

For the notion to pass, 14 clubs out of the league's 20 will have to approve it.