Majority of the 12 founding members have withdrawn from the European Super League, including Spain's Atletico Madrid and Italy's Inter Milan and all the six English Premier League clubs involved in the breakaway project.
The withdrawals came amid a storm of protests from fans, players, managers and governments, alongside threats of bans and sanctions from the game's European and world governing bodies UEFA and FIFA.
Juventus chairman Andrea Agnelli has said the tournament cannot proceed anymore, while AC Milan have also indicated they are abandoning the project.
The project was announced on Sunday with 12 founding members but 48 hours later the English clubs capitulated under massive pressure from fans, politicians, soccer officials and even British royals.
Agnelli however said he remained convinced about the merits of the Super League despite the overflowing criticism.
Liverpool legend Dalglish took to Twitter on Tuesday, urging his longtime club to make the right choice despite the difficult times.
"The last few days have been difficult for everyone who loves Liverpool Football Club," Dalglish said, "and I really hope we do the right thing."
Shortly after Dalglish's post on social media, Liverpool's captain Henderson and the rest of Liverpool squad posted their own statement on social media in the wake of an emergency meeting on Tuesday.
Henderson led an emergency meeting of Premier League captains, and soon after confirmed that the players were against the idea of a Super League.
"We don't like it and we don't want it to happen," the statement said. "This is our collective position. Our commitment to this football club and its supporters is absolute and unconditional. You'll Never Walk Alone."
Liverpool's principal owner John Henry apologised in a video on the club's website and social media on Wednesday.
"It goes without saying but should be said that the project put forward was never going to stand without the support of the fans," he said.
"I alone am responsible for the unnecessary negativity brought forward over the past couple of days. It's something I won't forget. And shows the power the fans have today and will rightly continue to have."
"I don't think apologies are too great anyway, what happened should not have happened. What happened is the worst case of bullying from powerful people. Whether they (club owners) apologise or not is irrelevant to me," former Manchester united midfielder Nicky Butt following dramatic U-turn made by Europe's elite clubs.
"Super League is finished! Well done to all fans up & down the country!" said former Liverpool defender Jamie Carragher.
Players, fans and pundits celebrated the U-turns of the English teams, with some declaring the Super League dead in the water.
"This is the right result for football fans, clubs, and communities across the country. We must continue to protect our cherished national game," British Prime Minister Boris Johnson said.
"What a beautiful day for football. Let's keep playing, let's keep fighting, let's keep dreaming," said Manchester City defender Benjamin Mendy.
The British press also cheered the move of the Premier League clubs and the news dominated the front page of Wednesday's newspapers.
"Their knees have gone all trembly," screamed the headline on the front page of the Daily Star while the banner on the i paper called the withdrawal as "Own Goal".
In Britain the Super League garnered ironic praise from the press for having done the impossible: uniting fans, players, politicians, and even members of the royal family in condemnation.
The Sun, one of the country's biggest tabloids, led the storm of celebrations over the collapse of the "despised" plans, with a front-page splash bidding "Cheerio, Cheerio, Cheerio" to the Super League and hailing the "victory for fans".