Just a week after it became known that they were the driving forces behind Project Big Picture, Liverpool and Manchester United are reportedly in talks to create a European Premier League.
The league, valued at £ 4.6 billion, was revealed by Sky News in another bombshell power play by England's two biggest teams to reshape the face of the game.
The Big Picture project was dismissed as a possibility that clubs at the level of power clubs like Liverpool and United would take over as part of the restructuring.
Manchester United hold talks to unleash a groundbreaking European Premier League
Jurgen Klopp's Liverpool are the other English side reportedly pushing for the league
With the groundbreaking proposals, more than a dozen teams from England, France, Germany, Italy and Spain would become founding members of the new competition.
There is a tentative date for the European Premier League in 2022 and up to five English teams could be involved.
The FIFA Board of Directors was reportedly involved in the talks on the European Premier League
Wall Street giant JP Morgan is reportedly in talks to provide $ 6 billion (£ 4.6 billion) in debt financing to kickstart the European Premier League.
It is expected that future league broadcast revenues will serve as repayment.
Real Madrid are expected to be part of the Spanish contingent in the new competition
Lionel Messis Barcelona would take part in a competition between Europe's elite teams
Should the league get the green light, it would immediately become one of the most lucrative divisions in world football.
The 18-team competition is expected to include matches played during the normal European club season.
A typical league format would follow before the top performing teams entered a knockout competition to crown a champion.
The report adds that the prize money for the winning side is expected to be worth hundreds of millions of pounds each year.
The teams would receive "lucrative sums" to take part in the competition. It is reported that Manchester United and Real Madrid are lining up for the largest welcome fee.
The growing concern of the European governing body, UEFA, is that any European Premier League would virtually replace the existing Champions League. It is unclear whether UEFA supports the proposals at this stage.
The UEFA opposition would likely put its fragile relationship with FIFA at risk of collapsing completely with the two governing bodies, and then arguing over their flagship club competition.
The current Champions League owner Bayern Munich would likely lead German representatives
Arsenal and Manchester City are considered other English candidates for inclusion in the league
While there is no official confirmation of the brave plan, it is expected to arrive before the end of the month.
Key Capital Partners, a Spanish financial firm, is said to have played a key role in the talks so far.
Real Madrid president Florentino Perez, who has long advocated a Super League format for the European elite, is another figure who has played a prominent role in the recent proposals.
The Sky report states that the latest iteration of the hotly debated Super League has been designed for clubs like Real Madrid in the past 12 months.
The current Champions League winner Bayern Munich denied his potential commitment when asked by Sky.
In addition to Liverpool and Manchester United, Arsenal, Chelsea, Man City and Tottenham are other potential candidates for the European Premier League.
However, if the original report is correct, one of the Premier League's Big Six would be missing as part of the restructuring.
Paris Saint-Germain was likely asked about possible admission to the new league
Cristiano Ronaldo and Juventus would expect to have Italian representation in the league
It is currently unclear how the league would perform, but it is reported that it would not take the form of an outlier and the clubs would continue to compete in their traditional national leagues.
The news of the European Premier League comes soon after Project Big Picture dominated the conversation in the English game.
Under this proposal, the English Football League (EFL) would have been granted a bailout, but in return the "Big Six" would have been given more power.
These plans also envisaged reducing the Premier League to a competition of 18 teams, with only two teams automatically relegated per season.
The League Cup and Community Shield should be removed from Liverpool and United’s plans for an overhaul of the English game.
Earlier this month, the EFL turned down a £ 50 million rescue offer from the Premier League to support teams in the first and second division.
More will follow.
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