Real Madrid president Florentino Perez has hinted that the Spanish club is ready to join a breakaway European Super League.
Speaking at the LaLiga club's annual general meeting, Perez alluded to his support of the project.
Perez revealed the Spanish giants had suffered a 13 per cent loss of revenue as a result of the coronavirus pandemic and insisted Real Madrid would be one of the driving forces in remodeling the football landscape.
UEFA had previously held discussions about making sweeping changes to the Champions League format starting from the 2024-25 season, with Europe's elite clubs said to be pushing for fewer matches and additional revenue.
Those talks did not progress after push back from clubs and national leagues opposing a European Super League, but Madrid chief Perez believes fans will suffer if football does not find a new direction quickly.
"Reform in football cannot wait any longer, we must confront it as soon as possible," the 73-year-old told club members during their online AGM.
Surprisingly blunt from Florentino at Madrid AGM today - didn't use words 'European Superleague' but openly pushing for it: "Pandemic had huge effect and football must adapt. New formulas needed which are more competitive, more exciting and stronger. Reform cannot wait."— Dermot Corrigan (@dermotmcorrigan) December 20, 2020
"Europe's biggest clubs have millions of fans across the globe. We have a responsibility to push for change; a change we must demand on solidarity grounds.
"To ensure that football remains the most in-demand content we have to improve the competitiveness and the quality.
"Big clubs have been the worse affected by the pandemic. Something needs to give. We have to protect football."
The subject of Europe's biggest clubs breaking away from their respective domestic leagues to form a new competition has become more mainstream in recent months, partially due to the financial impact and fixture congestion caused by the COVID-19 pandemic.
Outgoing Barcelona president Josep Maria Bartomeu announced that the Catalan giants had accepted an invitation to join a proposed new European Super League during his farewell press conference in October.