April 21, 2021: -Plans for a breakaway elite soccer league in Europe have unraveled already, following the criticism and even threats of government intervention.

On Sunday, it was announced that the European Super League was designed to rival the UEFA Champions League format, which is now Europe’s top annual club competition.

Twelve of Europe’s wealthy teams had signed up as founding members of the upcoming league, and it was being backed with $6 billion in debt financing from JPMorgan.

Although the move sparked outrage between the lawmakers, governing bodies, former players, fans, managers, and pundits, many were concerned about the ramifications for the structure of domestic competitions.

On Tuesday, Chelsea became the first club to signal that it was jumping ship, with fans protesting against the plans outside its West London stadium ahead of a Premier League match. Manchester City quickly followed with official confirmation of their withdrawal, and then England’s other four clubs pulled out just hours later.

John Henry, the principal owner of Liverpool and the Boston Red Sox, said in a video shared on Twitter on Wednesday: “I want to apologize to all the fans and supporters of Liverpool Football Club for the disruption I’ve caused over the past two days.”

Shares of Juventus, one of the three Italian teams that would have been part of the new league, fell by as much as 12% in trading on Wednesday morning.

“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 Tuesday.

UEFA President Aleksander Ceferin had condemned the project, describing it as “a spit in the face” of all soccer lovers. Meanwhile, British Prime Minister Boris Johnson vowed to “thwart” it and likened it to a “cartel.”

On Monday evening, the chairman of the European Super League, Florentino Perez, said the plans to form the new breakaway elite competition were designed “to save” soccer. He pushed back against the widespread criticism by claiming that change is necessary because young people “are no longer interested” in the sport.