New Super League Threatens to Blow Up European Football

European football was rocked by the biggest story in at least a generation, when 12 of Europe's biggest clubs announced plans to break away from the established football order and form a Super League. The development has the potential to remake the European football landscape dramatically, and there is still much that isn't known about what's ahead.

The basics? A group of 12 clubs from across Europe's biggest leagues announced plans to form a new competition called the Super League. The league, should it be established, would offer permanent spots to some of the world's biggest clubs and play matches midweek, while allowing the involved clubs to remain in their domestic competitions. This plan is currently opposed by FIFA and UEFA, the governing bodies for international and European soccer, respectively.

What is the Super League?

The Super League is a long-discussed idea for a closed competition that would feature Europe's biggest clubs. Over the years, there have been many different theoretical proposals for what that league would look like. On Sunday, 12 clubs made it official, announcing their plans to break away from Europe's governing body, UEFA, and forming their own league. They plan to add three more permanent members and leave five spots open in the 20-team format that European clubs could qualify for from across Europe's domestic competitions. 

The estimated earnings for would-be fixtures signing up to the proposed Super League are at least 5 million. Each of the would-be permanent members of the proposed Super League are being promised €350 million (5 million) to sign up, per documents obtained by the New York Times. 

JP Morgan Chase & Co. were reportedly approached to raise financing for the...