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'These billionaire owners are out of control': Football Supporters' Association chief hits out at plans for a £4.6BILLION European Premier League as group claims fans will 'detest the concept'

Reports of plans to launch a European Premier League involving Liverpool and Manchester United are 'the last nail in the coffin of the idea that football can be relied upon to regulate itself', a leading fans' group has said.

The Premier League giants are reportedly involved in talks over the creation of a new competition, which it is claimed has the backing of the sport's world governing body FIFA.

The news comes just over a week after Project Big Picture proposals emerged, which were developed by Liverpool and Manchester United and publicly endorsed by EFL chairman Rick Parry.