The Premier League could soon impose new financial regulations to limit top-flight clubs' spending and introduce a salary cap.
Each club would have to limit their losses to £105m over the next three seasons and trim their wage bills from the next campaign onwards.
Expenditure on youth academies and stadium improvements would be exempt.
Clubs that refuse to meet the guidelines could face sanctions, which may even include points deductions from 2016.
The new measures are intended to mirror UEFA's Financial Fair Play regulations, which allow losses of only £38m for clubs playing in European competitions.
All 20 top-flight clubs were asked to vote on the proposals, with 13 voting in favour, six against, and Reading abstaining.
Premier League chief executive Richard Scudamore said in a statement: "The clubs have voted in principle for new financial regulations that will further benefit the sustainable running of their businesses, while allowing secure owner investment, as well as enhance the reputation of the Premier League as an organisation that takes its responsibilities in the governance arena seriously.
"I would like to thank the clubs for the time, effort and thought that they have applied throughout this process and the attention they have applied to helping secure the continued success and health of Premier League football both on and off the pitch."
The financial reforms will be introduced next season should they be approved at a full Premier League board meeting in April.