(CNN)Twelve of Europe's top soccer clubs have announced plans to form a so-called European super league, in a move that looks set to rock the foundations of the sport's top competitions, including preeminent leagues in England, Spain and Italy and extending all the way up to the World Cup.

In a joint announcement Sunday night, six English clubs -- Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, and Tottenham Hotspur -- alongside three teams from Italy -- AC Milan, Inter Milan and Juventus -- and three from Spain -- Atlético Madrid, Barcelona and Real Madrid -- laid out plans to form a breakaway competition, referred to in the announcement as the Super League.