All 20 top-flight clubs were represented at the meeting on Wednesday, which was called following last weekend’s Project Big Picture revelation.
Details of the project were first leaked on Sunday, with the Reds authoring it and receiving support from arch-rivals United, yet their proposals quickly came under fire.
While several elements of the project were praised, including an immediate bailout of the EFL and an annual 25 per cent of revenue payment to the lower divisions, its desire to hand the Premier League’s so-called Big Six clubs all the voting power has been heavily criticised.
The top flight’s leading sides would also have the ability to veto takeovers of rival clubs as part of the project, which calls for the Premier League to be reduced to 18 teams and the EFL Cup and Community Shield to be axed.
But according to The Times, Premier League clubs have killed Project Big Picture before the ball could even start rolling at an emergency meeting on Wednesday.
Instead of giving the controversial project the green light, they have decided to commission a strategy review that would involve all 20 sides rather than merely the elite to plan for the future.
It is believed an agreement has also been sealed to produce a rescue package for the EFL, which will include an option for the bail-out funding only to go to League One and League Two clubs - although Championship teams can still veto this.
While the meeting is understood to have been “civilised”, certain clubs expressed their frustration with Rick Parry’s decision to support the project, accusing the EFL chairman of attempting to destabilise the Premier League.
Parry had praised Liverpool and United for coming up with the plan, insisting it would serve to protect the English football pyramid.
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Project Big Picture is said to have been driven by Reds owner John Henry and president Mike Gordon, as well as United co-owner Joel Glazer.
However none of the trio were present at the Premier League’s emergency meeting, with Liverpool chairman Tom Werner, chief executive Billy Hogan and United executive vice-chairman Ed Woodward instead taking part.