Aberdeen chairman Dave Cormack has urged Celtic to reconsider their opposition to plans for a money-spinning Atlantic League.
The Pittodrie club were one of five SPFL clubs informed of a fresh proposal to establish a 20-team competition featuring clubs from Scotland, Sweden, Denmark, Norway and the Republic of Ireland.
Formulated by Andrew Doyle, co-owner of League of Ireland side Shelbourne, the blueprint had the backing of investment bank JP Morgan and projected annual broadcasting revenue of up to 400million Euros.
Initially involving Aberdeen, Celtic, Rangers, Hibs and Hearts the Atlantic League proposed to offer promotion and relegation to the likes of Kilmarnock and Motherwell, preserved the Scottish Cup in its current format and offered the carrot of entry to UEFA competitions.
Last month, however, talks ground to a halt when Celtic major shareholder Dermot Desmond informed Doyle's SAL Sports Capital that the Parkhead club were no longer interested.
With Covid-19 contributing to projected losses of up to £100million for Scottish football Cormack has urged Scotland's champions to rethink their stance telling Sportsmail: 'This was a serious proposal for Scandinavian teams, a team from Ireland and five teams from Scotland to form an Atlantic League.
'There would be promotion and relegation from the national divisions in each country and the money being guaranteed as a minimum was decent money.
'But the real opportunity was to bring in Euros 300 or 400 million a year in broadcast media rights which would be significant for every Scottish league all the way down.
'The SFA were aware of it. The SPFL were aware of it. And Celtic, Rangers and ourselves and Ron Gordon at Hibs were aware of it.
'UEFA got behind it, but it was really down to the individual leagues. I got involved in a couple of Zoom calls in the last couple of months of discussion. And it was then that Andrew Doyle from SAL Partners in Ireland came out and said Celtic had pulled out.
'I don't know why. The clubs were simply informed that Celtic had decided to pull out at this stage, and so they are back to the drawing board with it now.
A concept kicked around and discussed for much of the last two decades, the latest Atlantic League looked to capitalise on a shift towards cross-border leagues.
The Dutch and Belgian leagues are planning a new Benelux competition and the proposals put to Scotland's top sides envisaged games against Malmo, Norrkoping, AIK Stockholm, IFK Gothenburg and Hammarby (Sweden), FC Copenhagen, Brondby, Esbjerg, Aarhus and Midtjylland (Denmark), Rosenborg, Viking Stavanger, Valarenga and Molde (Norway) and one club from the Republic of Ireland.
Celtic favour entry to a British league in future and believed the idea lacked credibility.
Projecting Aberdeen losses of £5million following a catastrophic loss of gate revenue, however, Cormack has criticised a lack of dialogue with the Scottish Government on the issue and believes Scottish football needs to explore new ways to raise revenue.
'Personally I think it is something we all need to really look at. If there is 300m - 400m Euros available to Denmark, Sweden, Norway and Scotland and Ireland then there is money to go around. It should be a serious conversation point.
'It would never happen if the Scottish League and the SFA didn't support it. But I think it's a conversation piece and I will tell you why.
'If there is a move further down the line for Celtic and Rangers to move to England. 'Where do the rest of us end up then? 'I don't think it's very appetising for Aberdeen fans to go to Exeter or Plymouth.
'They would rather jump on a 45 minute flight to Stavanger for a weekend and play there if the opportunity was there. The point is that it's okay to have these conversations.
'But we never have them in Scotland and when there is a lack of money around. For me it's certainly worth a discussion.'