All six Premier League teams involved in the European Super League (ESL) have now withdrawn from the competition.
Manchester City were the first club to pull out after Chelsea had signalled their intent to do so by preparing documentation to withdraw.
The other four sides – Arsenal, Liverpool, Manchester United and Tottenham – have all now followed suit.
Italian side Inter Milan are also set to withdraw as they no longer wish to be involved with the project.
How football’s volatile 48 hours unfolded
The 12-team Super League, set up by the seven afore-mentioned teams and Spain’s Atletico Madrid, Barcelona and Real Madrid and Italy’s AC Milan and Juventus was announced on Sunday to widespread condemnation.
“Despite the announced departure of the English clubs, forced to take such decisions due to the pressure put on them, we are convinced our proposal is fully aligned with European law and regulations,” the ESL said on Wednesday, adding it was “convinced that the current status quo of European football needs to change”.
In an interview with Italian newspaper la Repubblica, Juventus chairman Andrea Agnelli said the remaining clubs will “press ahead” and the project still had “a 100% chance of being a success”.,
“Real Madrid president Florentino Perez is insisting on the idea of keeping the group together to push for change,” says Spanish football expert Guillem Balague.
“Barcelona say they agreed to the ESL, but only if the Season Ticket Holders Assembly approve it, which could be their way out.”
Balague also says Atletico Madrid are meeting on Wednesday morning to review their position.
Manchester City confirmed they have “formally enacted the procedures to withdraw” from the Super League.
Liverpool said their involvement in the proposed breakaway league “has been discontinued”.
Manchester United said they had “listened carefully to the reaction from our fans, the UK government and other key stakeholders” in making their decision to not take part.
Arsenal apologised in an open letter to their fans and said they had “made a mistake”, adding they were withdrawing after listening to them and the “wider football community”.
Tottenham chairman Daniel Levy said the club regretted the “anxiety and upset” caused by the proposal.
Chelsea confirmed they have “begun the formal procedures for withdrawal from the group” that they only joined “late last week”.
What did each club say?
The Arsenal board said they did not intend to “cause such distress” and that they joined the Super League because they “did not want to be left behind” and wanted to ensure the club’s future.
“Our aim is always to make the right decisions for this great football club, to protect it for the future and to take us forward,” they added.
“We didn’t make the right decision here, which we fully accept.”
Manchester United said that they “remain committed to working with others across the football community to come up with sustainable solutions to the long-term challenges facing the game”.
Liverpool said the club had “received representations from various key stakeholders, both internally and externally” before reaching their decision and thanked them for their “valuable contributions”.
Levy said that Tottenham felt it was “important” to take part in “a possible new structure that sought to better ensure financial fair play and financial sustainability whilst delivering significantly increased support for the wider football pyramid”.
He added: “We should like to thank all those supporters who presented their considered opinions.”
Chelsea said that after having had “time to consider the matter fully” they had decided that their “continued participation in these plans would not be in the best interests of the club, our supporters or the wider football community”.
Manchester City said they have “formally enacted the procedures to withdraw from the group developing plans for a European Super League”.