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

340512 - Championship clubs adopt financial fair play model

Championship clubs have voted in favour of introducing a groundbreaking new financial fair play model

All but three of the Championship's 24 clubs voted in favour of introducing the model, which is based on UEFA's financial fair play regulations, and plans to curb Football League debt by limiting investment from owners and total spending.

Football League research has revealed that the 72 clubs that form the Championship, League One and League Two are on course to rack up a combined £2 billion of debt unless spending and investment from 'sugar daddy' owners is curbed.

The regulations will be introduced next season on a gradual basis, but sanctions for non-compliance will not be put in place until the 2014-15 season.

Under the regulations, from the 2014-15 season, clubs who record total losses of over £6 million 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 Premier League and will be hit with a transfer embargo if they remain in the Championship.

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