The future of financial fair play rules for Championship clubs remains in doubt after four proposed changes were all defeated.
Several clubs have threatened legal action against the regulations but efforts to agree changes have failed.
The legal threat and concern about the impact of the new £23m parachute payments for the three clubs relegated from the top flight led league chiefs to review the regulations. But all four proposals – three of them related to boosting the level of losses and owner investment permitted – were defeated in a vote by the 24 clubs.
The fourth proposal was for the rules to be imposed based on ‘real time’ financial figures instead of the existing retrospective system, but it too failed to attract the necessary 75 per cent backing. Football League chief executive Shaun Harvey said other alternatives would now be examined.
Harvey said: “While a majority of clubs did vote in favour of each of the four proposals, they did not achieve the 75 per cent support required.
“We will now continue the positive and collaborative dialogue we have had with Championship clubs on this issue to see if there is any appetite for alternative forms of change.”
Under the current system clubs will be permitted to lose £6m next season, but £3m of that must be covered by owner investment. There were three proposals to increase that allowance to either £10m, £11.4m or £12.8m.
Premier League chief executive Richard Scudamore has also expressed serious concerns about the existing system – it is based on one year while controls over the top-flight clubs take into account three years’ figures and allow more owner investment.
The first sanctions against Championship clubs will be announced in December based on accounts for the 2013/14 season.
QPR are the club most in danger – if they repeat the same figures as their record 2012/13 £65m loss they could be fined up to £48m even if they are promoted back to the Premier League. If they are still in the Championship they could also face a transfer embargo.