Oh, this soccer story is gonna nail everything for a while...

Today, on a MATCHDAY no less, 12 European superpower soccer teams formally announced they were in plans to create what, for now, will be a mid-week super-competition league for the European superpowers.  The league will be governed by the Founding Clubs:

• Arsenal, Chelsea, Man City, Man United, Tottenham Hotspur, and Liverpool from the EPL
• Atletico Madrid, Real Madrid and Barcelona from Spain
• AC Milan, Juventus, and Inter from Italy

That's basically the extent of the EPL, Serie A, and La Liga

• Places 1, 2, and 4 in the current Italian table
• The top three places in La Liga
• And 1, 2, 5, 6, 7, and 9 in the EPL.

There is no way you can tell me this won't DECIMATE three of the four largest leagues in Europe (the Bundesliga powers actually turned the effort down!), up to and including advertising revenue.

The best case scenario is that the teams, because at least $3.5 billion is being placed up front as either grants or loans to the teams and the league, will make this league their first priority.

As for right now, the eventual league (2022-2023 launch) would be 20 teams, with two pools of 10 playing home and away, top three and two playoff winners making quarterfinals.

Hence, the more probable scenario, they leave the domestic leagues and then the value of those three leagues at minimum craters!

And now, late developments:

• UEFA is planning to sue the 12 teams for a stunning 60,000,000,000 Euros (which has to be many times the value of the teams in total -- the aim being that they will put the teams out of business rather than even let them TRY this).
• And, also, late word that there is discussion that if this talk continues, the EPL, Serie A, and La Liga will SHUT DOWN FOR THE YEAR and not award a championship.

I, honestly, don't think any deterrent will stop these clubs, sans the players being banned from the World Cup -- and even THAT could be a dicey proposition.

Because I think the entire intent of the Super League is to obsolete the domestic leagues and relegate the lesser clubs, even at top division, to what would be a DISTANT second division of football.  15 of the 20 teams in the league could never be relegated, with the other five being fed from what is left of the domestic leagues.

And if you want an idea as to why, a Swiss report is indicative that, totaling the 11 teams other than Liverpool, the teams creating this league lost $1.1 billion last season before player sales -- and that was with only three months of it interrupted.  Given that most of Europe has been zero fans all season...

Stay tuned on this one -- this has the potential to be very quickly developing now.

EDIT TO ADD 11 PM PDT:  I didn't catch this til somebody on the soccer reddit pointed it out:  ALL TWELVE TEAMS have resigned from the European Club Association.