Discussions are currently underway regarding the establishment of a new European League worth 4.6 billion pounds, with the participation of major clubs in the European continent.
Sources told the BBC that discussions are still at an early stage, but the plan includes replacing the Champions League with a new format called the “European Premier League”.
European football insiders confirmed that the talks involved US bank JP Morgan.
Nevertheless, it is said that the project still has a “long road ahead” and that the deal “may not be completed.”
Reports indicate that those in charge of the project have already contacted five clubs in the English Premier League, including Liverpool and Manchester United, to begin negotiations with more than 12 teams from England, France, Germany, Italy and Spain.
According to reports, the proposed European Premier League will see 18 teams competing in one league under the supervision of the International Federation of Football Associations (FIFA).
Last week, the Premier League clubs rejected a proposal to reduce the league’s teams from 20 to 18 teams and cancel the Premier League Cup and the FA Shield.
“The principles of solidarity, promotion, relegation and open tournaments are non-negotiable,” said Alexander Ceferin, President of the European Union.
He added, “UEFA and the clubs are committed to building on this strength so that it is not destroyed to create a big league with 10, 12 or even 24 clubs, which will inevitably become boring.”
Kevin Miles, chief executive of the Football Supporters’ Federation, said the idea of the Europa League was unfolding that billionaire club owners “are out of control”.
He added, “This should be the last nail in the coffin of the idea that football can be relied upon to organize itself.”
“The authors of this idea – if they already exist, because no one is really defending it – are completely ignorant of the organization and habits of European and global football,” said Spanish League President Javier Tebas.
He added that “a project of this kind would mean serious economic damage to the organizers themselves and to the entities that finance them, if any, because they are not official.”