Player quotas in EPL
Clubs playing in the English Premier League from next season will have a 25-player squad cap and also have to introduce a quota on "home-grown" players.
"As of next season clubs will be required to have a squad named of up to 25 players, of which no more than 17 can be over the age of 21 and not home grown," Premier League chief executive Richard Scudamore confirmed.
"The definition of home grown is trained for three years under the age of 21 by somebody in the English and Welsh professional system.
"Clubs will have to declare their 25 at the end of August when the window shuts and then again at the end of January."
Scudamore denied that the move would encourage clubs to hoard young foreign players and claimed the England team would ultimately reap the reward.
"It's not in the club's interests to stockpile players. It will make buying home-grown talent more attractive," he said.
"We're not going down the route of a nationality test but what this will mean is that you just can't buy a team from abroad.
"We think it will give clubs an extra incentive to invest in youth. We think that one of the benefits will be that it will help the England team."
All 20 Premier League members also agreed to adhere to a set of financial reporting rules designed to protect the viability and sustainability of the clubs.
"They will all have to annually submit accounts and future financial information," said Scudamore.
"At all times the board of the Premier League will be applying a test which basically says this: can the club fulfil its fixtures, pay off its creditors when they are due and also to meet obligations to the Premier League's contracts and partners?
"If the board believe a club is at risk of not meeting those obligations, it has to then step in and agree a budget for the running of that club. Any transfers can be embargoed.