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Championship clubs have agreed a new set of Financial Fair Play (FFP) regulations to be implemented from the start of the 2016/17 season.

Under the regulations, Championship clubs' finances will be monitored over three seasons during which they will may lose up to £15m without having to detail how that loss will be funded.

At present, clubs must operate with losses of under £3m a season.

Clubs who fail to meet existing FFP rules face a transfer embargo.

The new 'profitability and sustainability' guidelines were agreed at an EGM in Derby on Thursday.

The new rules allow for a club's losses to go beyond the £15m cap over three seasons but not exceed an aggregate of £39m (averaging £13m a season).

Clubs who post losses of between £15m and £39m across three seasons will face additional regulation.

Any club that moves between the Premier League and Championship in a three-season period would be assessed on the permitted maximum loss per season of £35m in the Premier League and £13m in the Championship.

confirming the new regulations did not directly address concerns relating to parachute payments.

Among the issues raised at a meeting of the Football League and Championship clubs in April was that Premier League parachute payments could distort competition when allied to the FFP rules.

Clubs relegated from the top flight receive £60m in payments over four years, a figure increased from £48m in 2013.

The statement did, however, say that the Football League board had been given a "mandate by its clubs to complete a new financial solidarity arrangement with the Premier League".