Premier League clubs have agreed in principle to a number of financial controls designed to encourage greater fiscal sustainability.

Starting from next season and over a three-year period, clubs with a wage bill of more than STG52 million ($A80 million) can only increase them by STG4 million ($A6.11 million) each season.

That cap in wages does not include any extra money the club earns from ticket sales, match-day income or improved commercial deals.

Clubs will also not be allowed to lose more than STG105 million ($A160 million) over three years.

If any club breaches these rules, they could be subjected to a number of punishments, including potential points penalties.

The Premier League said the agreements "require clubs to work towards break-even (point), while allowing a degree of owner investment going in as equity."

Premier League chief executive Richard Scudamore said: "Over the past decade, the Premier League has enjoyed unprecedented growth driven by the performance of the clubs and the strength of the competition.

But with that growth came challenges, he said, crediting the clubs for adopting "the appropriate governance measures when necessary."

The vote for new financial regulations will "further benefit the sustainable running of their businesses, while allowing secure owner investment, as well as enhance the reputation of the Premier League as an organisation that takes its responsibilities in the governance arena seriously."