According to information provided to the British newspaper, 100 million dollars are expected to be invested over a five-year period in the new initiative, which goes by the name of World Sevens Foo.
The first tournament – where eight yet unnamed teams will participate – will take place on May 21-23 in Portuguese Estoril. This is right before this year's women's Champions League final, which will be played in nearby Lisbon on May 24.
Jennifer Mackesy, co-owner of Gotham FC in the American women's league NWSL, is one of the people behind the initiative, and before the start, former top players such as Caroline Seger and former English national team player Anita Asante have acted as advisors, writes The Guardian.
The prize money for each tournament is expected to amount to 50 million kronor, with the winning team receiving half of that sum.
After the premiere edition, a tournament with eight other teams will be played in November-December, but it will take place on a different continent than Europe.
The group behind the initiative claims that they do not expect to need approval from either the International Football Federation (Fifa) or the European Football Federation (Uefa) to arrange the tournaments, since it concerns seven-a-side football.
