This weekend marked a historic day in modern day football, as the proposed European Super League (ESL) was officially announced.
12 clubs from three different countries initially opted to form the breakaway league. Six of those sides came from England - Manchester United, Manchester City, Liverpool, Chelsea, Arsenal and Tottenham - three from Spain in the shape of Barcelona, Real Madrid and Atletico Madrid, and the remaining three are Serie A teams Juventus, Inter Milan and AC Milan.
However, now it remains to be seen if the much-discussed ESL will go ahead, following news that Chelsea and Manchester City are both withdrawing in the wake of widespread condemnation.
Chelsea and Man City look set to pull out of the European Super League - hear the story in full on The Football Terrace...
https://www.youtube.com/embed/b791BG15E8U
A start date for the ESL has not yet been confirmed, but it is understood that the clubs involved initially wanted to get the competition underway "as soon as practicable".
If it does begin, the ESL is set to run from August until May on an annual basis, and a team could play as many as 25 matches in the competition in a single term.
Read more: Everything you need to know about the breakaway league
What does this mean for the Premier League?
If those taking part in the ESL get their way, not a lot will change. The format of the ESL is laid out in such a way that the teams involved will play in the competition in midweek, before returning to their domestic leagues on the weekend to fulfil these fixtures.
However, Premier League clubs outside from the Big Six have always been far from happy with this idea.
Their anger with the situation is understandable. The ESL is set to be financed by the American bank JP Morgan, and each club is expected to receive €3.5 billion just for taking part in the competition.
If they were allowed to play in the Premier League as well, this would leave them with a significant financial advantage over those clubs who have been left out of the ESL.
Everton owner Farhad Moshiri has already called for the rebel clubs to be heavily sanctioned, stating: "I think the Premier League should deduct points from these clubs".
It remains to be seen if that now applies to Chelsea and Man City as well, but their impending withdrawals only strengthen the case that the Premier League have every right to stand firm and take action against those who planned the breakway.