Bristol City are ready, willing and able to sign-up to UEFA's new Financial Fair Play regulations.
Chairman Colin Sexstone says new rules governing debt and spending could be in place by the start of next season after representatives of the 24 Championship clubs agreed in principle to embrace UEFA's revolutionary scheme.
European football's governing body is seeking to impose new financial disciplines upon clubs in an attempt to curb rising transfer fees, player salaries and other outgoings that are threatening the future well-being of the game.
League One and League Two clubs have already signed-up to UEFA's break-even requirement, under which they are disqualified from spending more income than they generate, and this will come into force next year.
Although Championship clubs have yet to reach agreement on how best to implement UEFA's proposals, Sexstone says there is a broad consensus that spending must be brought under control quickly.
City's chairman attended a meeting of Championship club representatives to discuss the issue in Coventry recently and he spoke afterwards of a "positive reaction".
He said: "Initial plans involved bringing in the new regulations on a trial basis from the start of next season. But there seems to be a growing realisation that time is running out and the new regulations are now likely to be brought in for real straightaway."
Sexstone added: "It is crucial that a consensus is reached and that all clubs are happy with the proposals. Because there is such a disparity in wealth between the clubs in the Championship, compromise is going to be needed.
"But after attending the meeting in Coventry, I am confident we can agree levels that will enable all 24 clubs to satisfy the UEFA regulations.
"We discussed the possibility of phasing in spending restrictions on a sliding scale over a five-year period, setting the bar quite low initially, so that everyone could do it without incurring sanctions.
"Only one club failed to send a representative and the other 23 all voted in favour of a regulatory system in line with that proposed by UEFA.
"Given that six clubs change in the Championship every season, we are probably going to need 75 per cent agreement when it finally comes to a vote next year. But that may not now be a problem, given that every club is agreed that player wages must reflect the business side of a club's operation in future."
City will, at last, have an opportunity to tackle a spiralling wage bill when the contracts of 50 per cent of their first-team squad expire at the end of this season.
Sexstone said: "A lot of players are about to be out of contract and they cannot assume that a new deal, if offered, is automatically going to be accompanied by a pay rise, because that is no longer the case.
"Our supporters need to see figures that make sense and we need to get a grip on spending before that can happen."
City announced a loss of £11.4 million on the year ended May 31, 2010 and owner Steve Lansdown is committed to cutting costs in order that the club can satisfy UEFA's Financial Fair Play regulations, if, as seems increasingly likely, they are adopted in August 2012.
