Europe's elite clubs today announced a restriction on the amount each side can spend on players' wages.
From the start of the 2005-06 season each of the G14 clubs will be limited to spending a maximum of 70% of their turnover on player wages.
The announcement is an historic one as it is the first time any form of players' salary cap has been agreed in European professional football since the abolition of the old maximum wage at the start of the 1960s.
Manchester United, Arsenal and Liverpool are the three English members of the 18 which make up the G14 grouping and a statement was released following a meeting in Brussels today.
The statement said: "For each 12-month accounting period, covering an entire football season, from the season 2005-06 onwards the amount of total staff cost of each member club will be limited to 70% of its audited turnover.
"Verification of the club's compliance with the above principals shall be carried out by their statutory auditors."
PA