Premier League clubs have rejected plans put forward by Liverpool and Manchester United for radical changes to the league's structures and finances and instead set up their own review of the game, British media reports said on Wednesday.

The 'Project Big Picture' proposals would see an increase in funds for the 72 clubs in the Football League (EFL) but also include special voting rights for the top clubs in the Premier League and a reduction of teams in the top flight from 20 to 18.

The plan has been fronted by EFL chairman Rick Parry and would have included a 250 million pound ($325.85 million) bail-out for his clubs, who face acute financial issues due to the Covid-19 pandemic.

But at a meeting on Wednesday of all 20 of the Premier League's clubs, the plans were rejected with a separate, broader-based review by the entire league initiated.