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According to Der Spiegel, the 11 founding teams could not be relegated and would be part of the league for the first 20 years.
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Course it just a money thing. Some yank has shown the most profitable clubs how they can maximise income by leaving their domestic leagues and creating a super league, probably fucking over UEFA, the CL and every other club in the process. They arranged this in secret while manipulating UEFA and misleading other clubs.