LONDON (AP) — The English Premier League has taken another step toward introducing a spending cap.

At a shareholders’ meeting in London on Monday, the top-flight teams voted to progress to the final stage of a legal and economic analysis of the “anchoring” principle.

That system would limit — or anchor — the spending by all clubs to a multiple of the combined prize money and cash from TV rights earned by the last-placed team in the league. As a consequence, it would reduce the potential spending power of the clubs with the biggest revenues and richest owners, helping to increase the competitiveness of the league.

Clubs might get the opportunity to vote at the league’s annual general meeting in June on whether to adopt the spending cap, depending on the progress made in finalizing a proposal. There was no official announcement by the Premier League on the matter.