The European Super League (ESL) is on "standby" despite nine of the 12 founding teams withdrawing, says Real Madrid president Florentino Perez.
After a furious backlash against the proposed tournament that was announced on Sunday, all six Premier League clubs involved withdrew on Tuesday.
Spanish club Atletico Madrid and Italian sides AC Milan and Inter Milan have also formally pulled out.
"We're going to continue working," said Perez. "The project is on standby."
Real Madrid, Barcelona and Juventus have not withdrawn, although Juventus chairman Andrea Agnelli said the project could not now proceed.