Premier League clubs will try to formulate rules next week to control spending and prevent teams from financial collapse.

High on the agenda is whether to adopt UEFA’s financial fair play rules, which require clubs to break even to play in Europe. Teams who do not play by UEFA’s rules will not be allowed entry to the Champions League or Europa League.

They will also consider the merits of determining a maximum percentage of a club’s income that can be spent on players’ salaries.

The league hopes clubs will back a plan to prove they can guarantee they have the funds to honour players’ contracts.

Portsmouth became the first topflight club to seek bankruptcy protection in 2010 in part due to signing high-earning players on long-term contracts it couldn’t afford.