Chelsea are reportedly set to lose £8 million after they confirmed their decision to leave the European Super League.
After backing the proposals for the breakaway league on Sunday, 48 hours later after constant pressure, Chelsea made a U-turn and withdrew their backing from the Super League and prepared documentation to leave the competition.
The decision to support the breakaway league was heavily criticised, seeing fans turn up to Stamford Bridge to protest, to voice their dismay ahead of Chelsea's match against Brighton on Tuesday, which ended in a 0-0 draw.
Chelsea were the first to leave the Super League, but the last to comment, to release a statement which didn't come until the early hours of Wednesday morning.
"Chelsea Football Club can confirm that it has begun the formal procedures for withdrawal from the group developing plans for a European Super League," a statement read.
"Having joined the group late last week, we've now had time to consider the matter fully and have decided that our continued participation in these plans would not be in the best interests of the Club, our supporters or the wider football community."
However, as reported by the Mail, it has been confirmed they will lose around £8 million for withdrawing their backing. This is because all 12 of the Founding Clubs purchased equity stakes worth £8 million each, as they 'hoped to turn [the Super League] into [a] global competition that would dominate club football'.
Manchester City, Manchester United, Liverpool, Arsenal and Tottenham Hotspur will also lose money after they followed the Blues' move to withdraw.
What Roman Abramovich said after Chelsea left the ESL
The Chelsea owner was left 'furious' and 'livid' after being 'blindsided' as his club backed the proposals.
A spokesperson for the Russian said: “Having spoken extensively to fans and stakeholders, we have always worked with the community and we're not going to do anything that goes against them. We listened and we heard.”
How Boris Johnson reacted to Chelsea leaving the ESL
As reports came in stating English clubs were preparing to withdraw, which they have now done, the Prime Minister praised the U-turns.
"The decision by Chelsea and Manchester City is – if confirmed – absolutely the right one and I commend them for it," wrote Johnson on Twitter.
"I hope the other clubs involved in the European Super League will follow their lead."