The likes of Manchester United, Arsenal, Tottenham and Liverpool got their way after the English Premier League clubs voted in favor of curbing spending.
While it is not exactly a salary cap similar to the ones implemented in the NBA and NFL, the decision will go a long way in changing the way money is spent by clubs.
The 20 club chairmen voted 13-6 in favor of the plan, with one club in Reading abstaining. As a part of the new project, clubs are restricted from making more than a £105 million ($165 million) loss over three years.
The interesting aspect of the ruling though is that clubs are not restricted from spending according to their revenue i.e. if you earn more money, you can spend more; which seriously handicaps some of the smaller clubs from competing and possibly allows the teams with bigger revenues from getting bigger.
"As all things in our rulebook you will subject to a disciplinary commission," Premier League chief executive Richard Scudamore told reporters.
"The clubs understand that if people break the £105 million we will looking for the top-end ultimate sanction range -- points deduction.
"Normally we stay silent on sanctions as the commission has a free range, but clearly if there is a material breach of that rule we will be asking the commission to consider top-end sanctions."
It is understood, Manchester City, Aston Villa, West Brom, Fulham, and Southampton Swansea voted against the financial regulations, while surprisingly Chelsea, who were thought to be in opposition of the regulations, voted for the implementation, which is modelled on the UEFA FFP.
It is interesting, because such regulations once implemented properly, completely rules out the chances of rich owners coming and achieving instant success by pouring in huge amounts of money similar to the way Chelsea and Manchester City came about winning titles.
Scudamore said the Premier League would act strictly if any club were to fall short of the regulations, saying point deductions were possible from as early as 2016.
"The balance we have tried to strike is that a new owner can still invest a decent amount of money to improve their club but they are not going to be throwing hundreds and hundreds of millions in a very short period of time," Scudamore added.
"While it has worked for a couple of clubs in the last 10 years, and I am not critical of that, if that's going to be done in the future it's going to have to be over a slightly longer term without the huge losses being made.
"I think at £105 million you can still build a very decent club with substantial owner funding but you have to do it over time, you can't do it in a season."