In a joint statement, the 12 clubs said they will play in a new European Super League, which will see them as founding, permanent members and the governors of the league. They added that three more clubs will soon become founding members, and that the league will commence 'as soon as practicable.'
The clubs involved so far are AC Milan, Arsenal FC, Atlético de Madrid, Chelsea FC, FC Barcelona, FC Internazionale Milano, Juventus FC, Liverpool FC, Manchester City, Manchester United, Real Madrid CF and Tottenham Hotspur.
Their involvement will not stop them from competing in their domestic leagues.
How it works
The format of the competition will have 20 teams in total, which automatically guarantees places for the anticipated 15 founding clubs. A further five teams will have the chance to qualify each season in a yet-to-be-announced way.
The 20 teams will be split into two groups of ten, where everyone will place each other team in their group twice at home and away. The top four from each group will qualify for the quarter-finals.
This stage will be played in the traditional knockout, home-and-away style. The final will be one game and commence sometime in May at a neutral venue.
A women’s league will also be formed to mirror the same format.
In their statement, the founding clubs said the league will generate more revenue than the current Champions League, and that they would receive '€3.5 billion solely to support their infrastructure investment plans and to offset the impact of the COVID pandemic.'
According to Sky Sports, American bank JP Morgan has committed to invest $5 billion into the new league.
The footballing world reacts
In a joint statement from UEFA, the English FA, the Premier League, La Liga, and Serie A, they said they will pursue any judicial and sporting measures to oppose this new league. They wrote:
Football is based on open competitions and sporting merit; it cannot be any other way.
FIFA and the six confederations have announced that clubs will be banned from their competitions, and that players from these clubs may not be able to represent their national teams in global competitions.