The plan plan proposed a £250 million bailout for the EFL and a larger share of broadcast revenue in return for the Premier League’s top-six clubs being given significant power.
However, Premier League clubs outside the top six raised their concerns during an emergency meeting and will not push ahead with the proposal.
It’s understood that other top-six clubs, apart from United and Liverpool who were fully behind the plan, also had reservations over the drastic changes.
A Premier League statement said: ‘Premier League Shareholders today unanimously agreed to work together as a 20-club collective on a strategic plan for the future structures and financing of English football.
‘Premier League clubs also agreed that Project Big Picture will not be endorsed by the Premier League, any of its clubs or The FA.’
United’s owners, the Glazer family, and Liverpool’s owners, Fenway Sports Group, were the driving forces behind Project Big Picture.
It’s understood that clubs in League One and League Two have been offered a £50m bailout, a significant drop from the £250m on offer in the Project Big Picture proposal.
However, Championship clubs will not be given access to any of that bailout package.