Details for the planned European Super League - and the 12 clubs who have signed up - have been confirmed.

A joint statement by the founding clubs has revealed how the competition would work.

They claim the new midweek, 20-team ESL "will help football at every level".

The 12 founding members are Milan, Arsenal, Atletico Madrid, Chelsea, Barcelona, Internazionale, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur.

As expected, current Bundesliga, European and World champions Bayern Munich are not among the 12.

It is anticipated a further three clubs will join ahead of the inaugural season, which is intended to commence as soon as practicable.

Founding members would govern the competition and be involved every season without needing to qualify.

The statement read: "Going forward, the Founding Clubs look forward to holding discussions with UEFA and FIFA to work together in partnership to deliver the best outcomes for the new League and for football as a whole.

"The formation of the Super League comes at a time when the global pandemic has accelerated the instability in the existing European football economic model. Further, for a number of years, the Founding Clubs have had the objective of improving the quality and intensity of existing European competitions throughout each season, and of creating a format for top clubs and players to compete on a regular basis.

"The pandemic has shown that a strategic vision and a sustainable commercial approach are required to enhance value and support for the benefit of the entire European football pyramid.

"In recent months extensive dialogue has taken place with football stakeholders regarding the future format of European competitions. The Founding Clubs believe the solutions proposed following these talks do not solve fundamental issues, including the need to provide higher- quality matches and additional financial resources for the overall football pyramid."