Championship clubs have voted in favour of introducing a groundbreaking new financial fair play model, the Football League announced on Wednesday.

Under the regulations, from the 2014-15 season, clubs who record total losses of over £6million will be hit with either a transfer embargo or a fine that could run in to the millions. The club in question will be fined if they are promoted to the Barclays Premier League and will be hit with a transfer embargo if they remain in the Championship.

Owners will be allowed to invest £6million next season, £5million the following and £3million the following season.

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