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The Champions League is set to undergo a major revamp to try to keep Europe’s big clubs happy.

The proposed new format for European football's No 1 competition would see clubs compete in a seeded knock-out round before advancing to the group stage.

Qualifying teams would then be split into two groups of eight, with the winners and runners-up from those pools facing each other in the semi-finals, instead of the current last-16 and quarter-final rounds.

The overhaul is being planned in conjunction with European football's governing body UEFA, who are aware the big clubs are unhappy with the current structure.

Clubs such as Manchester United, Chelsea, Manchester City, Arsenal and Liverpool want change to head off declining interest and falling revenues.

The motive behind the change is to make the Champions League more attractive to match-going fans, sponsors and TV audiences all over the world.

The big clubs feel there are too many “unappealing” fixtures under the current format, with Barcelona’s group games against BATE Borisov of Belarus this season cited as an example.

(Image: David Ramos/Getty)

The idea behind the new format is to ensure only 16 elite clubs make it through to the group stage, delivering more box-office matches with huge commercial appeal.

In the current format, 32 teams contest the group phase.

UEFA accept the Champions League needs to remodelled and will look to introduce changes in a bid to appease the big clubs and head off the potential threat of a breakaway European Super League.

The new format could be announced as early as September, when UEFA will begin the process of putting out to tender the TV rights for the next three-year cycle of the Champions League.

The best photos as Barcelona win the 2015 Champions League final:

The Premier League’s new £5.1billion domestic broadcasting deal, which kicks in next season, has maintained its status as the richest league in Europe, causing a headache for UEFA.

Clubs in Spain, Italy, Germany and France make significantly less than their English counterparts from TV, with the Premier League becoming even more lucrative as a global brand.

Even the bottom team in the Premier League next season will earn around £140m — three times more than a club such as Sevilla, winners of the Europa League for the past two seasons, illustrating the gulf in revenues between English sides and those on the continent.