Clubs promoted to the Premier League who have not met fair play guidelines will be subject to a specially implemented tax, under new rules released by the Football League on Wednesday.
From the beginning of next season, clubs in the Championship, League One and League Two will adopt a fresh financial fair play model based on Uefa guidelines.
Under the rules, clubs will be required to provide accounts to the Football League by 1 December each year highlighting whether they have stayed within limits on loss-making and shareholder equity investment.
Championship clubs will see permitted losses drop from an acceptable deviation of £4m in 2011-12 to £2m by 2015-16. The permitted level of shareholder equity investment will reduce from £8m for 2011-12 to £3m by 2015-16.
Sanctions for failure to meet these guidelines depend on whether the club was promoted, remained in the Championship or was relegated.
In the case of promotion, the club would have to pay a "Fair Play Tax" on the excess by which they failed to fulfil the fair play requirement, ranging from 1% on the first £100,000 to 100% on anything over £10m.
Any proceeds will be distributed equally among those clubs who complied with the regulations for the season in question. Clubs failing to meet the criteria but who remain in the Championship will be subject to a transfer embargo. Any side relegated from the Premier League will not be subject to sanctions in their first season in the Championship, as long as they have met their financial obligations under Premier League regulations.
The Football League has stressed, though, that clubs will not be subject to sanctions until the reporting period of season 2013-14 in order to give them a spell of "transition".
Greg Clarke, the chairman of the Football League, said: "On the pitch we have three exciting, competitive divisions with crowds at their highest levels for 50 years. But that success isn't necessarily being reflected on our clubs' balance sheets and we have to remedy that situation or face an uncertain future.
"I'd like to commend the Championship clubs for the courageous decision they have taken today. It means that for the first time, all 72 Football League clubs have agreed to take concerted action towards controlling their financial destiny.
"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."