The six Premier League clubs who had signed up to become members of a European Super League pulled out on Tuesday night, less than 48 hours after the competition had been announced.
Spanish teams Atletico Madrid and Barcelona are also pulling out of the breakaway competition it is understood.
In response to their departures, the Super League announced early on Wednesday morning it is considering "appropriate steps to reshape the project".
It said in a statement: "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 as was demonstrated today by a court decision to protect the Super League from third party actions.
"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.
"The European Super League is convinced that the current status quo of European football needs to change. We are proposing a new European competition because the existing system does not work.
"Our proposal is aimed at allowing the sport to evolve while generating resources and stability for the full football pyramid, including helping to overcome the financial difficulties experienced by the entire football community as a result of the pandemic."
UEFA president Aleksander Ceferin welcomed the withdrawal of the English clubs from the planned breakaway league.
"I said yesterday that it is admirable to admit a mistake and these clubs made a big mistake. But 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," he said.
"The important thing now is that we move on, rebuild the unity that the game enjoyed before this and move forward together."
Meanwhile, Ed Woodward announced he will step down as Manchester United executive vice-chairman by the end of the year while Sky Sports pundits Gary Neville and Jamie Carragher called for changes at the top at their respective clubs, United and Liverpool.