Premier League clubs have "unanimously agreed" that 'Project Big Picture' will not be "endorsed or pursued".
The controversial plans, proposed by Liverpool and Manchester United, were rejected at a meeting of the 20 clubs in England's top flight on Wednesday.
Instead, the clubs agreed to "work together" on a new "strategic plan" for the "financing of English football".
They also decided on a £50m rescue package for League One and Two clubs at the meeting.
A Premier League statement said "discussions will also continue with the EFL" over financial support for the Championship.
https://www.bbc.co.uk/sport/football/54545053