Championship clubs vote for Financial Fair Play

Championship clubs have joined their counterparts in League One and League Two by voting in favour of Financial Fair Play regulations for next season.

As a result, all clubs will now have new guidelines on the limits of their pre-tax losses.

"They will begin to lay the foundations for a league of financially self-sustaining football clubs," said Football League chairman Greg Clarke.

The new rules will see limits on losses reduced from £12m to £5m over the next five campaigns.

Harsher sanctions will also be implemented for the teams that fail to comply with the regulations.