Premier League clubs will no longer be able to spread the cost of a transfer fee across more than five years of a player's contract.In June, UEFA announced it had closed a loophole allowing clubs to spread a fee over a longer period, and on Tuesday the Premier League confirmed its clubs had now voted to amend competition rules to bring the league in line with European regulations.Chelsea signed a number of players on lengthy deals in the summer of 2022 and in January of this year, including handing eight-and-a-half-year contracts to Enzo Fernandez and Mykhailo Mudryk in January.If transfer fees are spread evenly over the course of a contract, that means the longer it is, the smaller the annual payments recorded on the club’s accounts are, with less consequence for financial fair play limits.For instance, a €100million fee would be amortised at €20m a year with a five-year contract, but at only €12.5m a year if a deal was eight years.Premier League sides Chelsea and Manchester City are currently being investigated for potential breaches of FFP while Everton are appealing a 10-point penalty imposed last month for breaking rules relating to losses.A league statement read: "Premier League shareholders today agreed to amend the rule on amortisation of player registration costs to bring in line with UEFA’s regulations."Going forward, a five-year maximum will apply to all new or extended player contracts."Clubs also approved a rule amendment empowering the league’s board to block a club from registering new players where they owe a transfer debt to another Premier League or EFL club until the debt is paid.The board also has the option to deduct the amount owed from the club’s entitlement to the central league funds.