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The six Premier League clubs that signed up for the doomed European Super League have all been hit with fines.
Manchester United,Chelsea,Liverpool,Arsenal,Manchester City and Tottenham must all pay a combined sum of £22million for their part in the doomed venture.
This equates to just over £3.5million per club, although it is currently unclear whether all six clubs will pay an equal amount.
The will go back into grassroots football and the wider footballing community, rather than to the 14 other teams in the top-flight.
However, if any of the six clubs sign up for a similar venture in the future then they could each be hit with a £20million fine and face a 30-point deduction.
The six clubs have been hit with sanctions
The fines are smaller than were originally proposed by the Premier League, which suggested the six clubs would have to pay around £15million each and face point deductions.
A joint statement from the Premier League and FA said: "The six clubs involved in proposals to form a European Super League have today acknowledged once again that their actions were a mistake, and have reconfirmed their commitment to the Premier League and the future of the English game.
"They have wholeheartedly apologised to their fans, fellow clubs, the Premier League and The FA.
"As a gesture of goodwill, the clubs have collectively agreed to make a contribution of £22million, which will go towards the good of the game, including new investment in support for fans, grassroots football and community programmes.
"Furthermore, the clubs have agreed to support rule changes so that any similar actions in the future would lead to a 30-point deduction.
"Each of the six clubs, in that event, would also be subject to an additional £25m fine.
"The Premier League and The FA have worked closely together throughout this process and this agreement brings both investigations into the matter to a conclusion."
The European Super League was proposed in April as a breakaway league for the best clubs on the continent.
Florentino Perez was the president of the European Super League
(Image: AFP/Getty Images)
A total of 12 clubs joined the controversial midweek competition that did not have the backing of any of the football regulators.
The Premier League's traditional big six were part of the group, along with Juventus, Inter Milan and AC Milan from Italy and Real Madrid,Barcelona and Atletico Madrid from Spain.
The six clubs broke rule L9 which requires them to gain written approval from the Premier League before they join any new competition.
The inception of the league was also met with a severe backlash from the footballing world, including protests from fans.
This resulted in the Premier League's big six getting cold feet and just two days later each of the clubs U-turned on their decision.
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Other European clubs followed suit, and now only Barcelona, Juventus and Real Madrid are yet to formally withdrawing from the competition, meaning they could be ineligible to play in the Champions League next season.
The European Super League issued a defiant response to the defecting teams, which ultimately fell on deaf ears.
It read: "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.
The logo of the doomed footballing venture
"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.
"It would also provide materially enhanced solidarity payments to all football stakeholders.
"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."
European Super League president Florentino Perez also warned that the contracts the 12 clubs signed were "binding" and suggested fines could be issued to teams that U-turn.