The European Super League LIVE: Latest updates, statements and FIFA, UEFA and teams reactions

Sunday night saw the announcement of a breakaway competition called the European Super League, with the 12 clubs involved being: Real Madrid, Barcelona, Atletico Madrid, AC Milan, Arsenal, Chelsea, Inter, Juventus, Liverpool, Manchester City, Manchester United and Tottenham Hotspur.

European Super League LIVE: Latest updates, statements and FIFA, UEFA and teams' reactions

Twenty clubs will participate in the European Super League. The 12 founding clubs will be joined by three more, and those fifteen will be joined by five that will be ranked annually on the basis of the previous season's sporting performance. The European Super League, as announced by its creators, does not intend to put an end to domestic football and will be played on weekdays. Follow our live blog to see the latest news and updates.

19:40 CET - Possible Champions League sanctions for Super League clubs

Jesper Moller, president of the Danish football federation and member of UEFA's executive committee, has told Danish TV that Real Madrid, Chelsea and Manchester City could be thrown out of this season's Champions League.

19:30 CEST - UK government promises football club ownership reform

The British government, which strongly opposes the Super League, has set in motion a revision of how it monitors how football clubs are run in the UK. In Germany, members must own 51 percent of their club.

"If the past year has taught us anything, it's that football is nothing without its fans. These owners should remember that they are only temporary custodians of their clubs, and they forget fans at their peril," said the UK's culture secretary, Oliver Dowden.

"That's why over the past few months I have been meeting with fans and representative organisations to develop our proposals for a fan-led review. I had always been clear that I didn't want to launch this until football had returned to normal following the pandemic. Sadly, these clubs have made it clear that I have no choice. They have decided to put money before fans. So today I have been left with no choice but to formally trigger the launch of our fan-led review of football."

19:20 CET - Juventus stocks soar

Shares in Juventus have risen by 18 percent since the announcement that they would join a European Super League. The price of shares has risen from 0.773 euros on Friday to 0.911 euros on Monday.

19:10 CET - Spanish company to have say in Super League deals

According to the Financial Times, Anas Laghrari, a member of the Spanish company Key Capital, has been designated as the secretary general of the European Super League. He will be in charge of sealing TV rights and sponsorship deals.

19:00 CET - Atletico Madrid reasons for joining Super League

Atletico Madrid have plenty of reasons as to why they have signed up as one of the founding members of the new European Super League. READ MORE HERE

18:50 CET - Serie A hold meeting

The Assembly of the Serie A clubs have already started a meeting regarding the new Super League proposals which includes three of the founding members Juventus, Inter and AC Milan.

18:45 CET - Spanish Government doesn't support the Super League

As with the UK Government, the Spanish Government has come out in opposition of the new proposed Super League with the Minister of Culture and Sports, Jose Manuel Rodriguez Uribes, holding talks with many of the key players in opposition to the move, including the presidents of UEFA, RFEF, La Liga, as well as with the presidents of Barcelona, Atletico Madrid and Real Madrid.

18:30 CET - Super League and TV rights

The creation of a new Super League will likely devalue the TV rights of the current Champions League, as well as increasing the costs of the networks, which would likely be forced to bid for the rights to the new competition. According to a Barclays report, the key question is whether the current contracts signed by tv broadcasters for the Champions League allow them to return the rights to UEFA, should the competition lose 12 of its best clubs.

18:10 CET - Manchester United soar on Wall Street

Manchester United's share price shot up a massive nine percent on Monday, following the announcement of the Super League. At just after 10am local time in New York City, MANU share price stood at 17.67 dollars.

17:45 CET - Bayern Munich state their position

Bayern Munich who are not among the 12 European Super League founding members have made their position on the matter clear.

"FC Bayern has not been involved in the plans for creating a Super League," Bayern Munich CEO Karl-Heinz Rummenigge said. "We are convinced that the current structure in football guarantees a reliable foundation.

"FC Bayern welcomes the reforms of the Champions League because we believe they are the right step to take for the development of European football.