The six Premier League clubs, who had signed up to play in the breakaway European Super League, have agreed to pay a fine of 22 million pounds.
The announcement to form a breakaway European Super League made by 12 founding clubs including Manchester City, Chelsea, Arsenal, Liverpool, Manchester United, and Tottenham Hotspur, was met with widespread criticism.
As a result, all the six Premier League clubs, involved in the proposed Super League, had withdrawn from the competition in May.
"The six clubs involved in proposals to form a European Super League have today acknowledged once again that their actions were a mistake, and have reconfirmed their commitment to the Premier League and the future of the English game," the Premier League said in a statement.
"They have wholeheartedly apologised to their fans, fellow clubs, the Premier League and The FA.
"As a gesture of goodwill, the clubs have collectively agreed to make a contribution of £22million, which will go towards the good of the game, including new investment in support for fans, grassroots football and community programmes," the statement further read.
According to the statement, the clubs have agreed to support rule changes so that any similar actions in the future would lead to a 30-point deduction.
Each of the six clubs, in that event, would also be subject to an additional 25 million pounds fine.
Last month, the Union of European Football Associations (UEFA) had opened disciplinary proceedings against Barcelona, Real Madrid, and Juventus for their involvement in the European Super League.
UEFA on Wednesday said that it has "temporarily suspended the disciplinary proceedings" opened against Clubs in connection with the so-called 'Super League' project.
"UEFA takes note of the decision taken today by the independent UEFA Appeals Body to temporarily suspend the disciplinary proceedings that had been opened against FC Barcelona, Juventus FC and Real Madrid CF," UEFA said in a statement on Wednesday.
( With inputs from ANI )
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