All six English clubs have pulled out of the European Super League (ESL) after plans for the JP Morgan-backed venture were met with a fierce backlash.
Manchester City were the first Premier League side to officially withdraw from the competition following reports Chelsea were preparing to do so.
Arsenal, Liverpool, Manchester United and Tottenham have all now followed suit.
In a statement last night the ESL stood by its plans and said it would “reconsider the most appropriate steps to reshape the project”.
But the withdrawal of half the teams involved after just 48 hours marks a major blow to football financiers and JP Morgan, which had pledged to inject £4.3bn into the project.
The ESL, announced on Sunday, sparked anger among fans, rival clubs, other leagues and even politicians, who accused club owners of putting the game at risk in pursuit of profit.
Prime Minister Boris Johnson vowed to block the move, while fans demonstrated outside football grounds around the country.
The English clubs have now been forced into an embarrassing U-turn over the project.
Last night Manchester United executive vice-chairman Ed Woodward said he would step down at the end of the year.
In an open letter Arsenal last night apologised to fans, while Tottenham said it regretted the “anxiety and upset” the saga had caused.