The Premier League have released a statement clarifying the reasons behind rejecting the Project Big Picture proposal, as well as outlining plans for future structures of English football.
The proposal, put together by Manchester United and Liverpool, but backed by EFL chairman Rick Parry, drew widespread criticism. A £250m sum as well as 25% of the Premier League's annual earnings would be given to the EFL to combat their financial concerns, although it would in turn provide greater power to the top-flight's elite clubs.
An emergency meeting took place on Wednesday to address the proposal, with a unanimous agreement by all 20 Premier League to not endorse Project Big Picture.
Releasing a statement, the Premier League provided their reasons, and offered an insight into the plans they wish to take moving forward.
It read: "All 20 Premier League clubs today unanimously agreed that "Project Big Picture" will not be endorsed or pursued by the Premier League, or The FA.
"Further, Premier League Shareholders agreed to work together as a 20-club collective on a strategic plan for the future structures and financing of English football, consulting with all stakeholders to ensure a vibrant, competitive and sustainable football pyramid.
"Clubs will work collaboratively, in an open and transparent process, focusing on competition structure, calendar, governance and financial sustainability. This project has the full support of The FA and will include engagement with all relevant stakeholders including fans, Government and, of course, the EFL."
The statement also revealed a rescue package that is being finalised to send out to League One and League Two clubs to avoid them going out of business. Their offer will consist of 'grants and interest-free loans totalling a further £50million on top of the £27.2m solidarity payments', as they bid to save clubs struggling to deal with the impact of COVID-19.
Also mentioned was plans to have fans return to stadiums, claiming they 'remain committed to the safe return of fans as soon as possible'.
Source : 90min