Project Big Picture has fallen apart before it's even began, with Premier League clubs voting to reject the controversial proposal at an emergency meeting.
Put together by Manchester United and Liverpool, and backed by EFL chairman Rick Parry, the project sought to completely revolutionise the English football pyramid.
The plan included a £250m package which would be paid up-front to the financially crippled EFL, while 25% of the Premier League's annual revenue would also go the lower leagues every year. On top of that, £100m would be gifted to the FA to aid their own financial uncertainties.
However, this proposal would have granted increased control to the nine teams who have been in the top-flight the longest - Arsenal, Chelsea, Everton, Liverpool, Manchester City, Manchester United, Southampton, Tottenham and West Ham - and granted them the power to approve or reject any potential takeovers of all the other sides in the division. The Premier League would also have been reduced to 18 teams, among other terms.
As per The Times, Project Big Picture is now dead in the water.
An emergency meeting with representatives of all 20 Premier League clubs took place on Wednesday, but having decided against the proposal, a review has instead been commissioned that would involve all the top-flight clubs, as opposed to just the elite minority, to make plans for the future of the English game.
A new rescue package to the EFL is being worked on, which would include a bail-out offer only going to League One and League Two clubs. There is every chance that Championship clubs could still veto this, however. The EFL have already rejected one offer totalling less than £50m, as well as a £100m loan.
Liverpool owner John Henry and president Mike Gordon, as well as United co-owner Joel Glazer, were behind the initial project, however, none of the instigators were present at the meeting.