‘Project Big Picture’, a proposed plan to reduce the number of teams in the Premier League and increase broadcast money for the lower leagues, has been scrapped.

The plan was initially put forward by Manchester United and Liverpool football clubs, alongside EFL chairman Rick Parry.

However, a meeting last week with all 20 Premier League clubs ended with an agreement not to pursue the plan.

Instead, a combined £50m, including £20m in grants, will be offered to League One and Two clubs. Championship clubs will be offered access to loans on a means-tested basis.

Manchester United has also released its financial results for 2019-20, showing that the club has lost £70m as a result of the Covid-19 pandemic.

Revenue was down 18.% to £509m. Previous statements had predicted revenues for 2019-20 could reach £509m.

The figures cover the period for which football was completely halted as a result of the Covid-19 pandemic.

The club’s executive vice-chairman Ed Woodward commented: “Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic.

“Within that context, our top priority is to get fans back into the stadium safely and as soon as possible.

“We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term.

“This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner.”