MADRID (Reuters) -- Spain's top-flight clubs are poised to set up their own division separate from the second tier in a bid to remain competitive with European peers, the professional soccer league (LFP) said on Monday.

After a meeting in Madrid, the LFP, which currently oversees Spain's top two divisions, said agreement had been reached to discuss how to create a separate first division similar to the English Premier League or Italy's Serie A.

"The new system of organization and development will allow a much more attractive and better-run competition than the current one," they said in a statement.

It was unclear if the LFP will have any role in the proposed new first division. Mechanisms would be established to control club finances and ensure ways of helping clubs in lower divisions if they were relegated and got into difficulties, the statement said.

"A series of working meetings will start from June 21 to study the best way of putting (the plan) into practice," the LFP said, adding that the goal was to reach an accord before the start of next season.

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