More than a dozen teams from across Europe are said to be involved.
The proposed tournament, which has backing from Fifa, could turn out to be the ‘European Premier League’ which has been mooted for years.
Man United, Liverpool & the ‘European Premier League.’
As per Sky’s report, financiers – including Wall Street investment banking giants JP Morgan – are in the process of putting together a £4.6bn package to help get the competition off the ground.
The Premier League may have as many as five representatives with Arsenal, Chelsea, Manchester City and Tottenham Hotspur all said to have been approached.
"There could be a debt package of up to £4.6bn to fund the cost of launch"@MarkKleinmanSky reveals details of how Liverpool and Man Utd are among clubs in talks to join FIFA-backed 'European Premier League'
— Sky Sports News (@SkySportsNews) October 20, 2020
Were English representation be limited to five teams, however, one of the Premier League’s ‘Big Six’ would have to miss out.
The 18-team tournament may start as early as 2022 with fixtures played throughout the season. The top-placed teams at the end of the season would then compete in knockout football to determine the winner, who could pocket hundreds of millions of pounds in prize money.
Barcelona, Atletico Madrid, Real Madrid, Paris Saint-Germain, Juventus and Bayern Munich are also expected to be founding members of the new league.
The news comes just over a week after the emergence of ‘Project Big Picture’, a series of proposals – spearheaded by Manchester United and Liverpool – that aimed to dramatically alter the landscape of English football.
Those plans, which involved reducing the Premier League from 20 teams to 18 and scrapping the League Cup and Community Shield, were abandoned last week after all 20 PL clubs unanimously agreed not to pursue them.