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What is European Premier League? Fans slam it as a greedy move, say 'will probably stop watching football'

More than a dozen teams from England, Germany, Spain, Italy and France are in talks to become the founding members of the tourney and almost five Premier League clubs could link up

Even as Project Big Picture continues to be a topic of discussion, Liverpool and Manchester United are in talks about a plan where Europe's biggest football clubs come together to join a new football tournament backed by FIFA. According to a Sky News report, the men with the moolah are assembling a £4.6 billion ($6 billion) funding package to create a tournament that could be known as the European Premier League. 

The report added more than a dozen teams from England, Germany, Spain, Italy and France are in talks to become the founding members of the tourney and almost five Premier League clubs could link up. The proposed start date is 2022 and according to Sky's sources, FIFA has been deeply involved in the competition that would see up to 18 teams. Top-placed clubs would then play a knockout format with prize money expected to be in hundreds of millions of pounds.

It added Wall Street bank JP Morgan was in talks to provide £4.6bn in funding while the source called it "potentially the most important development in world club football for decades". A FIFA spokesperson added: "FIFA does not wish to comment and participate in any speculation about topics which come up every now and then and, for which, institutional structures and regulatory frameworks are well in place at national, European and global level."

As per the insiders involved in the plans, a few English teams were approached with Arsenal, Chelsea, Manchester City and Tottenham Hotspur as candidates. This news comes in as another staggering development even as football pundits and fans were heavily debating about recent proposals that Liverpool and United put out that involved handing power to the biggest clubs in the Premier League.

Here's everything you need to know about 'Project Big Picture' 

The news sent shockwaves to football fans as they took to social media to share their two cents worth. "point of the competition is to further entrench the power in European football among that same cartel of big clubs. you must have missed the part where the European Premier League founders can't be relegated out of it. also it's led by Real Madrid, Franco's club, so it's fascist," read one of the tweets.

And for some it was a bad idea. "The European Premier League is and overall BAD IDEA but..The Spanish elite will dominate," said one while another posted, "Any teams that want to.go and play for the institutionally proven corrupt FIFA European League should resign from the @premierleague with immediate effect. No regard.for.English football or fans." Another added, "Hope the European Super League never happens. Will probably stop watching football if it does. Keep the Premier League!!! @FIFAcom @FA #fifa"

One of the fans felt this plan would not actually come to fruition. "I don't think the Big Six would seriously break away from the Prem. The financial damage to the league would be too great, the outcry too harsh. They do want a bigger revenue deal in a European Premier League with more TV money though. We shd want in as well!" he tweeted. "Talks about another European Premier League is all because of greed,as it is,the players are already stretched to their limits but Clubs & FAs want to create more competitions,if they want to have a European Premier League they should scrap at least one other European competition" read one of the tweets.

What are your thoughts on the European Premier League?