Proposals for a breakaway European Super League involving Manchester City and Manchester United were announced over the weekend.
Under the plans United, City, Arsenal, Chelsea, Liverpool, Tottenham and six other European sides would take part in a rival competition to the Champions League.
It is anticipated three more clubs would join the breakaway group as founding members with the new competition, which will begin “as soon as practicable” to eventually feature 20 teams.
The new competition would be played in midweek with the eventual 15 founding members being joined by five qualifiers. It would initially be two groups of 10 with an eight-team knockout stage.
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A joint statement released by the teams involved in the European Super League said: "Twelve of Europe’s leading football clubs have today come together to announce they have agreed to establish a new midweek competition, the Super League, governed by its founding clubs.
“AC Milan, Arsenal, Atletico Madrid, Chelsea, Barcelona, Inter Milan, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur have all joined as founding clubs.
“It is anticipated that a further three clubs will join ahead of the inaugural season, which is intended to commence as soon as practicable.”
It adds: "Going forward, the Founding Clubs look forward to holding discussions with UEFA and FIFA to work together in partnership to deliver the best outcomes for the new League and for football as a whole.
"The formation of the Super League comes at a time when the global pandemic has accelerated the instability in the existing European football economic model. Further, for a number of years, the Founding Clubs have had the objective of improving the quality and intensity of existing European competitions throughout each season, and of creating a format for top clubs and players to compete on a regular basis.
"The pandemic has shown that a strategic vision and a sustainable commercial approach are required to enhance value and support for the benefit of the entire European football pyramid. In recent months extensive dialogue has taken place with football stakeholders regarding the future format of European competitions.
"The Founding Clubs believe the solutions proposed following these talks do not solve fundamental issues, including the need to provide higher-quality matches and additional financial resources for the overall football pyramid."
