Economy

Economic Commentary

Economic Calendar

Global Economies

Global Economic Calendar

European Soccer Clubs Join Forces To Create New ‘Super League’

Twelve of Europe’s leading soccer clubs have agreed to join forces and establish a new ‘super league.’

Clubs AC Milan, Arsenal, Atlético Madrid, Chelsea, Barcelona, Inter Milan, Juventus, Liverpool, Manchester City, Manchester United (NYSE:MANU), Real Madrid and the Tottenham Hotspur are coming together as the founding clubs of the new league, which is designed to rival UEFA’s 'Champions League' format that currently dominates European soccer.

Florentino Pérez, president of soccer club Real Madrid, will be the first chairman of the new super league. The project comes as UEFA was due to sign off on plans for an expanded and restructured Champions League.

The new super league has been criticized by politicians such as British Prime Minister Boris Johnson, as well as former players such as Gary Neville. Prime Minister Johnson said the new league will "strike at the heart of the domestic game and will concern fans across the country."

UEFA, the FA, and Britain’s Premier League have collectively expressed opposition to the new super league, saying in a joint statement that they "remain united in our efforts to stop this cynical project."

The super league competition will see 20 participating clubs - 15 founding clubs and a further five teams able to qualify annually based on their achievements during the previous season.

The new league will begin in August of this year with clubs participating in two groups of 10, playing home and away games, with the top three in each group qualifying for a quarter-final playoff format.

Teams finishing fourth and fifth will compete in a two-legged playoff format for the remaining quarter-final spots before a knockout format is used to reach the final at the end of May, which will be staged at a neutral stadium.

Club players will be able to continue competing in their national leagues while participating in the new super league.