The Premier League has released the below statement, republished here verbatim.
All 20 Premier League clubs today unanimously agreed that Project Big Picture will not be endorsed or pursued by the Premier League, or The FA.
Further, Premier League Shareholders agreed to work together as a 20-club collective on a strategic plan for the future structures and financing of English football, consulting with all stakeholders to ensure a vibrant, competitive and sustainable football pyramid.
Clubs will work collaboratively, in an open and transparent process, focusing on competition structure, calendar, governance and financial sustainability.