Inter have formally given up on the European Super League project and will face a small financial penalty after reaching a settlement with UEFA.

The Nerazzurri will see 5% of their revenue from European competition withheld for one season, as punishment for attempting to breakaway from European football’s governing body with 11 other clubs.

UEFA announced in a statement tonight that nine of the 12 clubs – Inter, AC Milan, Atletico Madrid, Manchester United, Manchester City, Arsenal, Tottenham Hotspur, Chelsea and Liverpool – had submitted a ‘club commitment declaration’ which reaffirmed their commitment to only taking part in UEFA-sanctioned tournaments.

Inter were said to acknowledge and accept that the Super League project was a mistake, offering an apology to fans, national associations, national leagues, fellow European clubs and UEFA.

UEFA said the nine clubs who signed the declaration ‘remained committed to and will participate in any UEFA club competitions each season for which that club qualifies on sporting merit.’

They have also agreed to be fined €100 million if they ever seek to take part in a similar Super League-style tournament in the future, or €50 million if they breach the terms of the club commitment declaration agreement.

As a gesture of goodwill, the clubs will also make a donation worth a total €15 million, to be used for the benefit of children, youth and grassroots football in local communities across Europe.

UEFA said their ‘approved reintegration measures’ were full and final, after convening an emergency meeting of its executive committee today.

“It takes a strong organisation to admit making a mistake, especially in these days of trial by social media,” UEFA president Aleksander Ceferin said.

“In accepting their commitments and willingness to repair the disruption they caused, UEFA wants to put this chapter behind it and move forward in a positive spirit.”

Juventus, Barcelona and Real Madrid have still refused to renounce the Super League project and their cases will be dealt with by UEFA’s disciplinary bodies.