It may not yet be oblivion for ticket touts but a new ticket exchange system being launched today by Chelsea and Manchester United promises seats at near-face value for ticketless but dedicated fans.

The Premier League's top two clubs last season have signed deals with viagogo, a secondary ticket exchange company, enabling the clubs' season ticket holders who cannot attend a Premier League home fixture to sell their seat to members of the clubs' registered fan bases.

The deals involve viagogo signing up to multiple-year sponsorship agreements with the clubs, paying them six-figure sums each year.

viagogo gets a 25 per cent commission on the value of a Premier League ticket, calculated at one-nineteenth of a season ticket price because Chelsea and Manchester United play 19 home league fixtures.

The ticket holder provides 85 per cent from the sale and the buyer pays a 10 per cent premium on the ticket.

All transactions are handled by viagogo and made online and the purchaser is given a printed ticket for the match.

Eric Baker, chief executive of viagogo, who founded StubHub.com, a US ticket exchange agency, said he believed the secondary ticket market for Europe was worth £4bn to £5bn, the UK's share being £1bn.

"We think there are opportunities to explore one-off and visitor tickets as well - we are talking to clubs across the Premiership," said Mr Baker, who is looking at Germany for his next market.

StubHub.com generated revenues of $50m (£26m) in 2005 and Mr Baker, still a large shareholder in the US business, said he expected that figure to double this year.

In the US, most states ban the resale of tickets on match days and within 100 yards of the stadium.

The resale of season tickets in the UK is illegal, in order to deter hooligans, leaving ticketless fans at the mercy of touts reselling other tickets on matchdays on routes to stadia at several times their face value.

But the government is targeting Ebay, the online auction website and ticket touts, threatening new legislation. Ebay claimed 87 per cent of the public wanted the right to resell tickets to music and sorting events.

Peter Kenyon, Chelsea's chief executive, said the exchange would provide a secure and transparent environment for loyal fans and "help the fight against ticket touts".