On Sunday, 12 of Europe's richest football clubs announced their intention to join a new 20-team competition called the European Super League (ESL) in a move that could change football as we know it.

Six English Premier League clubs; Manchester United, Manchester City, Arsenal, Liverpool, Chelsea and Tottenham; along with Italy's AC Milan, Inter and Juventus; and Spain's Barcelona, Real Madrid and Atletico Madrid, have all confirmed their desire to join the ESL. 

The idea is that the ESL will replace the Champions League, with the game's 15 "biggest" clubs compete midweek alongside five other teams that will qualify for the ESL based on their performance in their domestic leagues. The division has no promotion or relegation.

ESL clubs say the league will generate more money and make the game more sustainable at every level. But their plans have been greeted with a fierce backlash from governing bodies UEFA and FIFA, fans and pundits, who believe the project is designed to make the richest clubs even richer. 

Football finance expert Kieran Maguire told CGTN Europe: "They're sealed leagues. So there are guaranteed incomes. And as far as all of these clubs are concerned, the benefits of having certainty with regards to their ability to generate revenue is something which they all find very appealing."

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Why do clubs want to join the European Super League?

Europe's biggest clubs are unhappy with European football governing body UEFA's proposed new 36-team Champions League, which will begin in 2024. They don't believe the revised format will maximize revenues and wanted a greater say on the commercial matters for the new competition.

In response, those clubs began talks in October over a new competition (ESL) and have now agreed a $6bn deal with U.S. Wall Street Bank JPMorgan to finance the launch of the tournament. 

They believe the prospect of Europe's biggest teams and players competing against one another every week will drive increased viewing figures and result in the sale of bigger TV rights deals with broadcasters that will swell their coffers.

"UEFA distributes around about $3 billion a year in prize money to those clubs that participate in the Champions League and the Europa League," Maguire explained. "But through this proposed tournament, those clubs involved are hoping to make $3bn to $4bn a year."

However, Maguire isn't sure TV networks will be convinced by the new league.

He said: "If you take a look at the small print for the proposals, it does potentially allow the clubs to sell their own TV rights. So, therefore, the broadcasters wouldn't get one of the things that they hold most dear, which is exclusivity in terms of a contract. They do very well from having the exclusive rights to the Champions League. And that would be lost going forward."

How will the European Super League affect international broadcasters?

The creation of the ESL could devalue domestic leagues in the eyes of international broadcasters, who pay billions of dollars for the rights to televise games across the world. 

The Premier League's domestic TV deal is the largest in Europe. In 2019, it agreed a deal worth $6.9 billion for international broadcasters to televise 200 games a season between 2019 and 2022.

But if the ESL becomes football's most attractive competition, then broadcasters are unlikely to pay as much to televise domestic matches. That could have a huge impact on clubs that aren't part of the ESL and rely on TV money from domestic deals to finance their clubs.

Equally, if UEFA rules that ESL clubs can no longer participate in domestic competitions, that would leave the remaining teams facing a restructured and less lucrative package without the pulling power of the biggest teams and players.

Maguire says the league is also unlikely to appeal to many foreign broadcasters, particularly those in Asia, because of the time difference involved with midweek games.

"Part of the reason for that is due to the fact that they [Asian countries] are seven to eight hours ahead of us from a from a clock perspective. So, therefore, European matches are taking place at 3 a.m., 4 a.m., 5 a.m. and on a Tuesday, Wednesday, Thursday."

Will fans pay to watch the European Super League?

The current format of domestic European leagues allows the smallest of clubs to dream of climbing the football ladder and one day compete in the biggest competitions – but the ESL would change that.

The competition's 12 founding teams would be guaranteed a place in the league every year. But with only five additional teams allowed to qualify for the league, (the highest-placed domestic teams outside those already participating), the dreams of smaller clubs playing European football would likely be over.

Fans of clubs at every level of the game have voiced their anger at the ESL on social media. Journalist and Tottenham supporter Abbi Summers says some fans may choose to walk away from their clubs for good.

"It just seems like all the morality in football, whatever was left, has gone," she told CGTN. "I was shocked to see my club, Spurs, involved in this. This seems a bit of a betrayal of football as a whole. So whether or not it happens, I just think that it's going to be a very, very uphill battle for those clubs to try to win back fans onside with it."

But Maguire fears the cries of unhappy fans will have little impact on the business decisions made by billionaire owners, many of whom have no connection to the cities and local communities. 

"[Arsenal owner] Stan Kroenke wouldn't be able to find the Emirates ground on a map because he's never been there," he said. "So I don't think the owners see the protests as anything that's going to stop them from going ahead with this competition. 

"The only thing that could potentially stop them is if there are threats from the likes of UEFA and possibly FIFA, which could result in the players of these clubs losing their rights to represent their national teams. If that happens, players may decide to ply their trades elsewhere. This could dilute the value of this breakaway competition because it would only attract mercenary players."