Juventus remain convinced over the validity of a European Super League but admit the planned breakaway competition cannot possibly go ahead following a raft of withdrawals.

Milan followed Serie A rivals Inter in pulling out on Wednesday, as did Spanish side Atletico Madrid in a move welcomed by head coach Diego Simeone.

All six English teams – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham – ended their involvement on Tuesday following widespread criticism of the proposal, including from some of their own players and coaches.

Juve president Andrea Agnelli confirmed to Reuters that the mass exodus of the Premier League contingent had effectively ended the possibility of a Super League going ahead – for now at least.

In a statement released on Wednesday, the Bianconeri made clear the necessary procedures required for clubs to end their involvement have yet to be completed, as well as outlining how such a tournament still has merit from a sporting and commercial viewpoint.

"With reference to the press release issued by Juventus on April 19, relating to the project to create the Super League, and the subsequent public debate, the issuer specifies that it is aware of the request and intentions otherwise expressed by some clubs to withdraw from this project, although the necessary procedures under the agreement between the clubs have not been completed," a statement read.

"In this context, Juventus, while remaining convinced of the validity of the sporting, commercial and legal assumptions of the project, believes that it currently has limited possibilities of being completed in the form in which it was initially conceived.

"Juventus remains committed to building long-term value for the club and for the entire football movement."

Milan's U-turn came after taking into consideration the reaction from supporters to the tournament. The founding members would have been involved each season regardless of their performances in domestic leagues, a rule that received widespread condemnation.

"We accepted the invitation to participate in the Super League project with the genuine intention to deliver the best possible European competition for football fans around the world and in the best interest of the club and our own fans," Milan said in a statement.

"Change is not always easy, but evolution is necessary for progress, and the structures of European football have evolved and changed over the decades.

"However, the voices and the concerns of fans around the world have clearly been expressed about the Super League, and Milan must be sensitive to the voice of those who love this wonderful sport.

"We will continue to work hard to deliver a sustainable model for football."