At a meeting at Coventry City's Ricoh Arena, Championship Clubs have given 'in principle' support to Football League proposals for a new Financial Fair Play framework for The League's flagship division.

The proposals will now be put to a formal vote in the new year.

Following the decision a Football League spokesman said: "At today's meeting, owners and executives of Championship clubs re-affirmed their commitment to the principles of Financial Fair Play as a means for encouraging financial sustainability at club level.

"After further discussions about the practical implementation of Financial Fair Play, clubs agreed that the proposals should be finalised and taken forward to the next meeting of Championship clubs at Derby in February for final ratification.

"If approved, the new rules would take effect from the start of the 2012/13 season."