AC Milan, Arsenal, Atletico Madrid, Chelsea, Barcelona, Internazionale, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur released statements announcing their entry as founding clubs of a European Super League.
"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," said Madrid president Florentino Perez.
The clubs are set to withdraw from the European Club Association, according to the statement.
Super League matches will be played in the middle of the week.
The founding clubs are set to receive $4.19 billion.
"Our 12 founder clubs represent billions of fans across the globe and 99 European trophies. We have come together at this critical moment, enabling European competition to be transformed, putting the game we love on a sustainable footing for the long-term future, substantially increasing solidarity, and giving fans and amateur players a regular flow of headline fixtures that will feed their passion for the game while providing them with engaging role models," released Andrea Agnelli in a statement.
No German or French clubs have joined the league as of yet.