An overhaul of the English soccer system — proposed by American owners of Liverpool and Manchester United — has been rejected. The plan, named Project Big Picture, was leaked earlier this week but rejected at an English Premier League’s shareholders meeting Wednesday.
Despite the rejection, the shareholders agreed to $65 million in grants and loans for clubs in League One and League Two, the pair of leagues below the Premier League. Clubs from outside the “Big Six” were upset at a potential power grab by the top-level teams, while also weary of the suggestion to give 25% of Premier League revenue to lower-level leagues.
Project Big Picture was, in part, meant to help English soccer weather the financial impact of the pandemic. The English government has refrained from intervening with financial support, and the English Football League reportedly turned down an investment from TPG Capital for a 25% equity stake in the lower leagues.
