Serie A clubs are on the verge of breaking away from the rest of the Italian football league to create a new Lega Serie A.

A meeting between Serie A and B clubs failed to reach a satisfactory conclusion over financial matters today, leading to the decision by all the top-flight clubs, with the exception of Lecce, to go ahead with the split.

"Nineteen Serie A clubs today decided to create the 'Lega Calcio Serie A', with Maurizio Beretta put in charge of this," read a statement by the new league.

"The decision was made because of the impossibility of reaching an understanding with the Serie B clubs."

Relationships between the two divisions have been fraught for several years with constant battles over how much money the lower-tier clubs should receive.

Palermo president Maurizio Zamparini was the first to announce the decision as he left the meeting this afternoon.

"We have created a new league for Serie A," he said. "This time it's for real. I'm not happy but it was necessary."

In England the top flight split away from the rest of the league in 1992, creating the Premier League which has gone on to become the richest in the football world.