(Bloomberg) --

The powers behind a new European soccer super league are just days away from delivering their plans for what would be the biggest shakeup for the elite game in decades, according to people familiar with the matter.

Organizers are working to finalize details of an alternative to the prestigious UEFA Champions League ahead of an announcement that could come as soon as this week, the people said, asking not to be identified because the information is private.

The super league has the backing of at least 10 of Europe’s biggest clubs, the people said. Bayern Munich, Juventus, Liverpool, Manchester United and Real Madrid have all been discussed as permanent members, Bloomberg News reported previously.

Establishing a new elite competition in Europe would effectively end the Champions League’s decades-long rein as the world’s premier club soccer contest. UEFA is pushing back by considering expanding its tournament to give each team 10 pre-knockout group matches compared to six now. It’s scheduled to publish further details later this month.

Any club that participates in the new super league would remain in its domestic league but pull out of the Champions League.

While details have so far been scant, proponents argue a super league would create a more exciting competition because top teams would play each other more often. It would also be lucrative for them, with permanent membership removing the uncertainty in the Champions League -- teams must qualify annually or risk losing broadcasting and sponsorship revenue.

JPMorgan Chase & Co. is in talks to provide financing for the project based on the expectation of future television revenues, people familiar with the matter said previously.

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