Inter have confirmed that they are to be a founding member of a controversial new European Super League, along with fellow Serie A clubs AC Milan and Juventus, receiving €3.5 billion in infrastructure plans.

The Nerazzurri used their official website to post an announcement confirming that they are one of the founding members, and are joined by Premier League clubs Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur.

Spanish trio Atletico Madrid, Barcelona and Real Madrid have also joined the agreement as the 12 clubs seek to form a breakaway midweek competition for Europe’s elite clubs.

“FC Internazionale Milano agreed to establish – together with 11 of Europe’s leading football clubs – a new mid-week competition, the Super League, governed by its Founding Clubs,” a statement on Inter’s website read.

Inter also confirmed that a further three as yet unnamed clubs are set to join the new league, with a view to launching as soon as possible.

The announcement has led to a furious backlash from governing bodies FIFA and UEFA, as well as domestic leagues across Europe, as Inter and others look to establish a new tournament with limited entry.

Similarly, the timing of the announcement, during the ongoing coronavirus pandemic, has drawn criticism with many clubs across the continent struggling financially.

However, the statement sought to address concerns and promote collaboration with governing bodies, whilst also revealing that Inter are set to receive €3.5b for their membership through infrastructure fees.

“Going forward, the Founding Clubs look forward to holding discussions with UEFA and FIFA to work together in partnership to deliver the best outcomes for the new League and for football as a whole,” it added.

“The formation of the Super League comes at a time when the global pandemic has accelerated the instability in the existing European football economic model.

“Further, for a number of years, the Founding Clubs have had the objective of improving the quality and intensity of existing European competitions throughout each season, and of creating a format for top clubs and players to compete on a regular basis.

“The pandemic has shown that a strategic vision and a sustainable commercial approach are required to enhance value and support for the benefit of the entire European football pyramid. In recent months extensive dialogue has taken place with football stakeholders regarding the future format of European competitions.

“The Founding Clubs believe the solutions proposed following these talks do not solve fundamental issues, including the need to provide higher-quality matches and additional financial resources for the overall football pyramid.

“The new annual tournament will provide significantly greater economic growth and support for European football via a long-term commitment to uncapped solidarity payments which will grow in line with league revenues. These solidarity payments will be substantially higher than those generated by the current European competition and are expected to be in excess of €10 billion during the course of the initial commitment period of the Clubs.

“In addition, the competition will be built on a sustainable financial foundation with all Founding Clubs signing up to a spending framework. In exchange for their commitment, Founding Clubs will receive an amount of €3.5 billion solely to support their infrastructure investment plans and to offset the impact of the COVID pandemic.”