It is now confirmed that the competition will be named the Rugby Champions Cup.
The Rugby Champions Cup will be open to teams from all three leagues in Europe.
The competition will be based on the principles of qualification on merit, a strong competition format, equality between the leagues, higher commercial values for the teams and expansion into new European markets.
The Top 14 and Premiership Rugby clubs have already confirmed their participation in the new competition and a joint working group has been created to prepare all necessary elements in good time for the 2014/15 season.
Further details concerning the competition format, marketing and financial aspects of the Rugby Champions Cup will be communicated in October.