Man United and Liverpool in £4.6BILLION talks to set up 'European Premier League'

After their Project Big Picture plans were cast away, Man United and Liverpool have turned their attention to a European Premier League, which will involve some of the elite teams all across the continent. Both clubs had been keen on restructuring the English football tier system, but their new project could see a change in how top leagues across Europe operate. The European Premier League is touted as the 'biggest development' in club football over decades and massive changes could be in order if the plan comes to fruition. 

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What is European Premier League? Man United, Liverpool aim massive reform after Project Big Picture failure 

According to reports from Sky News, Premier League giants Man United and Liverpool are reportedly in talks to set up a European Premier League. The tournament is expected to involve 18 teams, with fixtures set to be played like a European club football season. Reports suggest that financiers are assembling a $6bn (£4.6bn) to fund the creation of the league, with a provisional date for the competition set for 2022. As many as five English clubs could participate in the tournament, with more than a dozen teams across Germany, Spain, Italy and France involved to become the founding members of the new competition. 

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FIFA, football's world governing body, had been involved in developing the new format according to sources which will see top-placed teams play a knockout format to conclude the tournament. The prize money for the winners expected to be worth hundreds of millions of pounds each year. Reports suggest that a formal announcement regarding the same could be made as soon as Tuesday, but a number of details remain unclear, including the full list of participating clubs. A handful of English clubs including Chelsea, Tottenham, Manchester City and Arsenal have been approached for their participation in the European Premier League.

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Each of the founding teams is expected to earn fees paid hundreds of millions of pounds to participate in the European Premier League, with clubs such as Manchester United and Real Madrid receiving the biggest sums for entering. The competition, if successfully held, will mark a direct competition to UEFA's Champions League, which has been the mainstay continental football competition in Europe. It is believed that UEFA does not back the plans of the European Premier League, but FIFA's backing could mean a string of legal issues for both parties.

According to reports in Spain, Real Madrid, Barcelona and Atletico Madrid are all invited to join the proposed competition, with PSG, Juventus and Bayern Munich also likely to be approached. The competition would not be a breakaway though in the sense of ending clubs' involvement in their domestic leagues.

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(Image Courtesy: manutd.com, liverpoolfc.com)