Bournemouth owner Bill Foley says he'd like the Premier League to adopt a 'hard salary cap' to control spending because top-flight teams 'can't compete' with state-owned clubs like Newcastle and Man City

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Bournemouth owner Bill Foley would be in favour of the Premier League adopting a hard salary cap, with the American suggesting teams are struggling to compete with state supported clubs.

Foley led a consortium which took over the Premier League club in a £150million deal back in December.

The deal expanded Foley's sporting investments, with the businessman also owning the NHL franchise Vegas Golden Knights.

Foley referenced their maiden Stanley Cup triumph earlier this month as evidence that a salary cap can boost competitiveness in major sporting leagues.

The American admitted he would be in favour of a similar model being adopted in the Premier League, which he believes would only enhance the quality of the top flight.

Bournemouth owner Bill Foley would be in favour of a salary cap in the Premier League

Foley claimed a salary cap enabled his Vegas Golden Knights team to win the Stanley Cup

Foley admitted clubs are struggling to compete against state backed teams like Newcastle

Foley also suggested much a move would allow smaller clubs to compete against teams backed by state funding like Newcastle and Manchester City.

Newcastle's are backed by Saudi Arabia's Public Investment Fund, while Abu Dhabi's sovereign wealth fund owns 78 per cent of Man City.

'In my view the lower table teams are really undervalued,' Foley told talkSPORT.

'In the NHL, we have a hard salary cap that you can't go over, and that has brought quality to the league.

'That's why a team like ours was able to win the Stanley Cup.

'I would like to see more control of our spending in the Premier League, because we can't compete spending with a sovereign, but we can improve and play exciting football.

'I'm just one guy and I'm respectful of how the Premier League run things, I want to be part of the club, not the outlier.'

Reports earlier this month claimed that Premier League clubs were considering the introduction of a spending cap linked to the bottom side’s television income.

Bournemouth are preparing for their second successive season in the Premier League

Bournemouth appointed Andoni Iraola to replace Gary O'Neil as manager earlier this month

The Times reported that clubs are weighing up a proposal which would anchor spending on player wages to the amount the bottom team are paid in television revenue.

It was claimed the cap would also serve as a ‘safety net’ to prevent a widening financial gulf between the Premier League’s top sides and the rest of the division, while helping to control spiralling wage bills.

Bournemouth are preparing for their second season back in the top flight, with Spanish manager Andoni Iraola now in charge.

Foley took the decision to replace Gary O'Neil with Iraola, despite the manager guiding the Cherries to 15th last season.