Championship clubs have voted in favour of introducing a groundbreaking new financial fair play model.
Clubs that record total losses of over £6m will receive either a transfer embargo or a fine that could run into millions from the 2014-15 season.
Only three of the 24 clubs voted against new regulations to limit investment and curb total spending, that will also prevent owners from funding their clubs through loans.
Football League chairman Greg Clarke said: "Whilst we cannot promise that these rules will deliver results overnight, they will begin to lay the foundations for a league of financially self-sustaining football clubs."
Under new regulations based on UEFA's financial fair play model, owners will be allowed to invest £6m next season, £5m the year after, then £3m in the 2014-15 season.
Promoted clubs that fail to adhere to the amendments will be fined, while those that remain in the Championship will be hit with a transfer embargo.
Leagues One and Two will continue to limit spending on wages to a proportion of turnover.