The League, which has struggled to control wage costs since the loss of its lucrative TV rights deal with the now defunct ITV Digital pay-TV platform, set up a working party earlier in the year to look into proposals for a salary cap.
This party, headed by QPR chairman David Davies, delivered the results of its findings to a Football League meeting in Oxford yesterday.
The meeting saw the majority of chairmen vote in favour of a proposed 60 percent cap on player salaries, with this figure to tighten to 50 percent in future seasons.
Explained Davies: "We're not saying any individual player will have his wages capped, but we are suggesting the collection of the players can't be paid above a certain level.
"We are looking at a pot of money that is so large that no player in his own right is going to be able to demand that kind of wage.
"But when the club has reached a collective upper limit, it can turn round and say 'we're not going to push ourselves too far'."
The chairmen of the English Football League have voted in support of plans to introduce a salary cap on players.
