The Football League has agreed to follow UEFA’s Financial Fair Play regulations after its members clubs voted in favour of the measures.
Clubs in the npower Championship, League One and League Two will now aim to work towards the rules, which aspire to make clubs break even, by the beginning of the 2012/13 season.
In addition to the regulations, League One clubs will work to the Salary Cost Management Protocol (SCMP) which limits spending on player wages to a proportion of total turnover, joining League Two which already operates the system at a 60% level with aims to reduce that to 55% next season.
Football League chairman Greg Clarke said: "This is a very important step forward for professional football as it will help our clubs exert greater control over their finances. Much more work needs to be done, but I am hugely encouraged and impressed by the energy and focus of our clubs on this issue.
"They have been the catalyst for change and have shown a real desire to self-regulate in this area. I congratulate them on taking this bold step."
Barclays Premier League clubs will be subject to UEFA’s Financial Fair Play with clubs who do not meet the targets risking expulsion from UEFA competitions including the Champions League and Europa League, with sanctions to be introduced two to three years after the scheme starts in 2012.