All six English teams involved in the European Super League (ESL) have now formally dropped out of the competition.
Manchester City were the first club to quit after Chelsea had said it would look to prepare plans to withdraw.
The other four sides - Arsenal, Liverpool, Manchester United and Tottenham - have all now done the same.
The Super League said it would reconsider "the most appropriate steps" to reshape the project.
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The six English clubs were part of a group, also containing Spain's Atletico Madrid, Barcelona and Real Madrid and Italy's AC Milan, Inter Milan and Juventus.
They announced plans on Sunday to form a breakaway league, which they hoped to create as a new midweek competition to rival Uefa's Champions League.
Fans, football authorities and government ministers in the UK, and across Europe, expressed anger at what they said would be an unfair competition that would keep many teams out of top European football.
Critics also said the move was motivated by greed and making more money for the world's biggest clubs.
But Real Madrid president, Florentino Perez, who was named as the ESL's chairman, said the competition was set up "to save football" because young people are "no longer interested" in the game because of "a lot of poor quality games".
None of the Spanish and Italian sides have yet released a statement after the six Premier League teams pulled out.
Manchester City confirmed they have "formally enacted the procedures to withdraw" from the Super League.
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".
Liverpool said their involvement in the proposed breakaway league "has been discontinued".
Arsenal apologised in an open letter to their fans and said they did not mean to "cause such distress".
The club added that they joined the Super League because they "did not want to be left behind" and wanted to ensure the club's future but that they had "made a mistake".
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.
Tottenham chairman Daniel Levy said the club regretted the "anxiety and upset" caused by the plans.
He added: "We should like to thank all those supporters who presented their considered opinions."
Leading players at some of the six clubs showed their disapproval of the planned breakaway league.
Liverpool captain Jordan Henderson said on social media his side's "collective position" is they do not want the Super League to take place.
"We don't like it and we don't want it to happen," read a message that was also posted by many fellow Liverpool players.
After City confirmed their withdrawal, England winger Raheem Sterling posted: "Ok bye."
The important thing now is that we move on, rebuild the unity that the game enjoyed before this and move forward together.
Uefa president Aleksander Ceferin, who runs the organisation in charge of European football, said: "They are back in the fold now and I know they have a lot to offer not just to our competitions but to the whole of the European game."
In a statement, the European Super League said: "Given the current circumstances we shall reconsider the most appropriate steps to reshape the project, always having in mind our goals of offering fans the best experience possible while enhancing solidarity payments for the entire football community."