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The idea is to 'anchor' the total allowed spending on wages, transfers and agent fees to a specified multiple of the lowest-earning club's broadcast revenues, with five times that base figure currently being suggested as the limit.

Manchester United, Manchester City and Aston Villa are reported to be the clubs who voted against as Chelsea abstained, according to The Times.

It's believed this would be an additional measure, providing a hard spending cap (albeit one future-proofed by being tied to broadcast revenues) on top of rules dictating how much of its own revenue a club can pump back into footballing costs.

Other sides in the division will be allowed to spend up to 85 per cent.

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Depending on the lowest-earning team's broadcast revenue in a particular season and the overall revenues of the top earning sides, either the 'anchor' or the UEFA regulation could in practice end up conferring the lower limit on spending.

Given its reliably high revenues, you can see why Manchester United might feel it would be better off without the anchoring element.

However, while any kind of hard spending cap applied uniformly to every team in the league would be a major development, the vast majority of the division would not fall foul of what is currently being proposed.

Of the 20 teams in last season's top flight, only Chelsea's spending exceeded five times the broadcast revenue earned by Southampton, the lowest-ranked side.

Liverpool would have been comfortably within the hard spending cap, which would have stood at $649m (£518m/€607m).

High earners like Mohamed Salah and Virgil van Dijk contributed to that figure, but the Reds could have spent $133m (£106m/€125m) more and remained within the cap.

After Chelsea, it's Manchester City who would have come next-closest to breaching the cap, with Manchester United third.
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