The European Super League collapsed on Wednesday as eight of the 12 founding members from England, Italy and Spain abandoned the breakaway project under massive pressure from fans, politicians, soccer officials and even the British royals — despite heavy payouts in revenues promised to participating teams.

Founder and Juventus chairman Andrea Agnelli told Reuters he was reluctantly calling time on the new league after six English clubs withdrew on Tuesday, with Inter Milan and Atletico Madrid following suit and AC Milan indicating they would too.

“The voices and the concerns of fans around the world have clearly been expressed about the Super League, and AC Milan must be sensitive to the voice of those who love this wonderful sport,” the Italian club said in a statement.

Agnelli said he still believed in the merits of the Super League despite the overwhelming criticism and had no regrets about how the breakaway had been conducted.

“I remain convinced of the beauty of that project,” Agnelli told Reuters, adding that it would have been the best competition in the world.

Juventus itself stopped short of saying the league was dead but said it recognised there were limited chances of the project being completed in the form originally conceived.

The Italian club said in a statement that it was aware certain clubs intended to leave but they had yet to complete the necessary procedures under the Super League agreement.

The Super League argued it would increase revenue for the top soccer clubs in Europe and allow them to distribute more money to the rest of the game.

However, the sport’s governing bodies, other teams and fan organisations said the league would only boost the power and wealth of elite clubs, and that the partially closed structure went against European football’s long-standing model.

Players, fans, pundits and politicians celebrated the U-turns of the English teams on Tuesday that left the league in tatters and pushed other founding members to jump ship.

“This is the right result for football fans, clubs, and communities across the country. We must continue to protect our cherished national game,” British Prime Minister Boris Johnson said.

The founding members were Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur from England, AC Milan, Inter and Juventus from Italy and Spain’s Atletico, Barcelona and Real Madrid.

Barcelona and Real Madrid were the only two founders yet to issue official statements by Wednesday afternoon.

Liverpool’s principal owner John Henry apologised in a video on the club’s website and social media on Wednesday.

“It goes without saying but should be said that the project put forward was never going to stand without the support of the fans,” he said.

Having triggered an enormous backlash, the Super League had said late on Tuesday it would reconsider and look to “reshape” the project, while stopping short of throwing in the towel.

“What a beautiful day for football. Let’s keep playing, let’s keep fighting, let’s keep dreaming,” said Manchester City defender Benjamin Mendy.