12 of world football's soccer's biggest and richest clubs announced Sunday they've formed a breakaway European "Super League" - with clubs Manchester United, Liverpool, Barcelona Real Madrid, Juventus and A.C. Milan among those to sign up. No German or French clubs have yet to be associated with the breakaway.

The breakaway league is due to start in August.

As Reuters reports, the clubs would share a fund of 3.5 billion euros ($4.19 billion) to spend on infrastructure projects and to deal with the impact of the COVID-19 pandemic. The money would not be available to spend on players.

"We will help football at every level and take it to its rightful place in the world. Football is the only global sport in the world with more than four billion fans and our responsibility as big clubs is to respond to their desires," said Real Madrid president Florentino Perez, the first chairman of the Super League.