European Super League 12 teams - in pictures

AC Milan, Arsenal, Atletico Madrid, Barcelona, Chelsea, Inter Milan, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur are founding members

1. AC Milan (Italy), Value: $559 million - 18 Serie A titles; 7 Champions League titles, 2 Cup Winners' Cups. EPA

2. Arsenal (England), Value: $2.8 billion - 13 English league titles; 1 Cup Winners' Cup. AFP

3. Atletico Madrid (Spain), Value: $1 billion  - 10 La Liga titles; 3 Europa League titles, 1 Cup Winners' Cup. AFP

4. Barcelona (Spain), Value: $4.76 billion - 26 La Liga titles; 5 Champions League titles, 4 Cup Winners' Cups. AFP

5. Chelsea (England), Value: $3.2 billion - 6 English league titles; 1 Champions League, 2 Europa League, 2 Cup Winners' Cup. AFP

6. Inter Milan (Italy), Value: $743 million - 18 Serie A titles; 3 Champions League, 3 Uefa Cups. AFP

7. Juventus (Italy), Value: $1.95 billion - 36 Serie A titles; 2 Champions League, 1 Cup Winners' Cup, 3 Uefa Cup. AFP

8. Liverpool (England), Value: $4.1 billion - 19 English league titles; 6 Champions League, 3 Uefa Cups. AFP

9. Manchester City (England), Value: $4 billion - 6 English league titles; 1 Cup Winners' Cup. AFP

10. Manchester United (England), Value: $4.2 billion - 20 English league titles; 3 Champions League, 1 Cup Winners' Cup, 1 Europa League. AFP

11. Real Madrid (Spain), Value: $4.75 billion - 34 La Liga titles; 13 Champions League, 2 Uefa Cups. AFP

12. Tottenham Hotspur (England), Value: $2.3 billion - 2 English league titles; 1 Cup Winners' Cup, 2 Uefa Cups. AFP

Sunday's announcement by 12 of Europe's most powerful clubs they intend to set up a breakaway Super League rocked the football world.

The European Super League will be a midweek competition to rival Uefa's Champions League and will start "as soon as is practicable", according to a joint statement by its 12 founding members, who will govern the league.

The announcement has been met by widespread criticism, with the 12 clubs accused of "greed" and "the most unprecedented power grab in the history football".

Florentino Perez, the Real Madrid president who has been elected chairman of the breakaway league, has defended the group's actions, and accused Uefa of holding a "monopoly" on European football.

Uefa says it is is working to ban the clubs and their players from its competitions "as soon as possible".

Who are the 12 founding members of the ESL?

Six Premier League clubs, and three each from Italy and Spain, make up the initial dozen to sign up to the European Super League. In alphabetical order they are AC Milan, Arsenal, Atletico Madrid, Barcelona, Chelsea, Inter Milan, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur.

The new league hopes to persuade three more founding members to join and for five other clubs to be invited annually, though Perez claimed Paris Saint-Germain have not been invited.

The clubs, most of them saddled with debt and large wage bills, and hit hard by the pandemic, stand to benefit financially, with predictions that they will share billions of euros.

Wall Street giant JP Morgan confirmed on Monday that it was financing the new venture.

Below is a brief profile of each club its ranking in the Forbes richest football clubs list, and achievements domestically and in Europe.

The 12 European Super League teams

1. AC Milan (Italy), Value: $559 million

18 Serie A titles; 7 Champions League titles, 2 Cup Winners' Cups

2. Arsenal (England), Value: $2.8 billion

13 English league titles; 1 Cup Winners' Cup

3. Atletico Madrid (Spain), Value: $1 billion 

10 La Liga titles; 3 Europa League titles, 1 Cup Winners' Cup

4. Barcelona (Spain), Value: $4.76 billion

26 La Liga titles; 5 Champions League titles, 4 Cup Winners' Cups

5. Chelsea (England), Value: $3.2 billion

6 English league titles; 1 Champions League, 2 Europa League, 2 Cup Winners' Cup

6. Inter Milan (Italy), Value: $743 million

18 Serie A titles; 3 Champions League, 3 Uefa Cups

7. Juventus (Italy), Value: $1.95 billion

36 Serie A titles; 2 Champions League, 1 Cup Winners' Cup, 3 Uefa Cup

8. Liverpool (England), Value: $4.1 billion

19 English league titles; 6 Champions League, 3 Uefa Cups

9. Manchester City (England), Value: $4 billion

6 English league titles; 1 Cup Winners' Cup

10. Manchester United (England), Value: $4.2 billion

20 English league titles; 3 Champions League, 1 Cup Winners' Cup, 1 Europa League

11. Real Madrid (Spain), Value: $4.75 billion

34 La Liga titles; 13 Champions League, 2 Uefa Cups

12. Tottenham Hotspur (England), Value: $2.3 billion

2 English league titles; 1 Cup Winners' Cup, 2 Uefa Cups