Liverpool, alongside 11 of Europe's elite football clubs, made a joint announcement on how they have joined to form the Super League, a new European competition.
The competition will feature 15 Founding Clubs which consist of:
AC Milan, Arsenal FC, Atletico de Madrid, Chelsea FC, FC Barcelona, FC Internazionale Milano, Juventus FC, Liverpool FC, Manchester City, Manchester United, Real Madrid, Tottenham Hotspur and three other unnamed clubs that the competition is counting on to join them.
In a joint statement, Liverpool announced that they are set to earn payments in excess of €10 billion as well as a ginormous initial payment of €3.5 billion to support their investment infrastructure.
While the statement boasted of massive financial wealth for the clubs involved, the footballing body of UEFA has come out against the formation of a competing European knock out competition.
Reports claimed that UEFA would denounce any club who took part in the Super League, but now it is official.
In a statement in response to the Super League's formation, UEFA said:
"Every club and player participating in the Super League could be banned from all UEFA and FIFA competitions, European or International level".
In the statement released tonight by the Super League, it states that the Founding Clubs intend on working with FIFA and UEFA.
"Going forward, the Founding Clubs look forward to holding discussions with UEFA and FIFA to work together in partnership to deliver the best outcomes for the new League and for football as a whole."
While UEFA have condemned the Super League, it is yet to be seen what will happen to those who join the newly formed competition.