A new European club tournament is in the making.

UEFA has confirmed the launch of a third club competition dubbed the European Conference League. The decision was announced after an executive meeting on Tuesday.

The new tournament will officially commmence in 2021 and is expected to run alongside the already existing Champions League and the Europa League. According to UEFA, the reason behind the its creation is to give more clubs the chance to play European football.

At the moment, the format for the third-tier tournament is yet to be straightened out and it remains unknown as to how exactly teams will secure qualification to participate. However, the BBC claims that the contestant will be from lower-ranked UEFA member associations.

During Tuesday's executive meeting, the venue to host the next three UEFA Champions League Finals after the 2019/2020 campaign were also revealed. The games are expected to be played at the home stadiums of Zenit St. Petersburg, Bayern Munich and England's national team from 2021 to 2023. The three stadiums will also host 2020 European Championship matches.

Also, Sevilla's Ramón Sánchez Pizjuán stadium was named as the venue for the 2021 Europa League final.