For the Premier League to pass regulations limiting wage budgets requires the support of 14 of the Premier league's 20 clubs to be voted through.
A majority appear to be broadly in favour as reports claim only Manchester City and Fulham are opposed to any spending controls and new rules would limit the financial backing Manchester City receive from their owner Sheikh Mansour, who announced losses of £97.9 million for the last financial year.
Peter Coates: "I just think if you look at all major sports in all major leagues they have some form of financial controls.
"Why should the Premier League be any different?
"It is still a work in progress.
"We think it would be good to have financial controls, but you have to get agreement."