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BREAKING NEWS: Manchester United and Liverpool in £4.6BILLION talks to set up a 'European Premier League' backed by FIFA and involving five top English clubs, Real Madrid and Barcelona after Project Big Picture was rejected

Just a week after it was revealed they were the driving forces behind Project Big Picture, Liverpool and Manchester United are reportedly in talks to set up a European Premier League.

The talks, estimated to be worth £4.6billion, have been revealed by Sky News in another bombshell power-play by England's two biggest sides to re-shape the face of the game.

More to follow.