The world of soccer is at war over plans for a new $4.2 billion breakaway European Super League that could change the game as we know it

• Twelve of Europe's biggest soccer clubs have agreed to join a breakaway European Super League.
• Barcelona, Real Madrid, and Chelsea are among those that have signed up.
• The Wall Street-financed project has already been met with huge backlash.

The world of football is in open warfare on Monday amid plans by Europe's biggest clubs to launch a new breakaway competition with the aim of usurping existing tournaments.

FC Barcelona and Real Madrid are among 12 European clubs that have agreed to join the new European Super League.

Six Premier League clubs - Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, and Tottenham - have also agreed to join, alongside Atlético Madrid, AC Milan, Inter Milan, and Juventus.

The idea of the Super League has been floated for years, and talks were first reported in October. The news was officially announced via a statement on each of the 12 clubs' respective websites late on Sunday night.

"Twelve of Europe's leading football clubs have today come together to announce they have agreed to establish a new mid-week competition, the Super League, governed by its Founding Clubs," read the statement.

"It is anticipated that a further three clubs will join ahead of the inaugural season, which is intended to commence as soon as practicable," the statement said, without naming any clubs.

It has been suggested that clubs from Germany, France, or Portugal may be added to the league.

Teams in the proposed new league will compete against each other in midweek games, while still remaining in their respective domestic leagues, the announcement said.

The league may generate huge revenue for those involved

The Wall Street bank JPMorgan is the project's largest financier, with the bank set to provide the founding clubs with a combined $4.2 billion to "support their infrastructure investment plans and to offset the impact of the COVID pandemic."

The competition is also expected to generate "in excess of €10 billion ($12 billion)" in revenue for participating clubs during the initial commitment period.

UEFA, European soccer's governing body, distributes about $4.2 billion in prize money and television broadcasting deals to clubs participating in both the Champions League and Europa League.

"The new annual tournament will provide significantly greater economic growth and support for European football via a long-term commitment to uncapped solidarity payments which will grow in line with league revenues," the statement said.

Financial Times on Monday reported that each team that initially joins the league will be given between 100 million to 350 million euros ($120 million to $420 million).

It aims to hijack the Champions League

Talks over the league's formation began in October, with it being proposed as a replacement for the Champions League.

The breakaway league wanted to ensure that the continent's biggest clubs faced each other more often and would qualify without fail each year for a cross-continental competition.

In response, UEFA was set to announce plans for a new 36-team Champions League - four teams more than the current competition - on Monday.

But the 12 clubs involved in the European Super League do not see UEFA's changes as enough, so Sunday's announcement appears to have been an 11th-hour bid to derail the reforms.

"In recent months, extensive dialogue has taken place with football stakeholders regarding the future format of European competitions," the European Super League said.

"The founding clubs believe the solutions proposed following these talks do not solve fundamental issues, including the need to provide higher-quality matches and additional financial resources for the overall football pyramid."

Florentino Pérez, Real Madrid's president and the first chairman of the Super League, added: "We will help football at every level and take it to its rightful place in the world. Football is the only global sport in the world with more than four billion fans and our responsibility as big clubs is to respond to their desires."

It has already been met with huge backlash

While the 12 clubs involved are pushing on with plans, much of the footballing world seems vehemently against the new format.

Shortly after the statement from the European Super League on Sunday, UEFA and other soccer governing bodies - and leagues from England, Spain, and Italy - released a joint statement to condemn the plans.

"[We] will remain united in our efforts to stop this cynical project, a project that is founded on the self-interest of a few clubs at a time when society needs solidarity more than ever," they said.

The statement also appeared to threaten sanctions against the clubs involved, saying that authorities will consider "judicial" means to stop the breakaway from forming.

"We will consider all measures available to us, at all levels, both judicial and sporting in order to prevent this happening. Football is based on open competitions and sporting merit; it cannot be any other way."

If it goes ahead, the statement continued, any club playing in the ESL will be "banned from playing in any other competition at domestic, European or world level."

It also threatened that players involved in the league may not be allowed to play for their national teams.

FIFA, world soccer's governing body, also spoke out, issuing its own statement in which it condemned the plans.

It said: "In our view, and in accordance with our statutes, any football competition, whether national, regional or global, should always reflect the core principles of solidarity, inclusivity, integrity and equitable financial redistribution.

"Moreover, the governing bodies of football should employ all lawful, sporting and diplomatic means to ensure this remains the case.

"Against this background, FIFA can only express its disapproval to a 'closed European breakaway league' outside of the international football structures and not respecting the aforementioned principles."

The plans were also damned by German clubs Borussia Dortmund and Bayern Munich - which both turned down invitations to join the league alongside French club Paris Saint-Germain.