Liverpool have released a short statement announcing their intention to withdraw from the proposed European Super League.
The Reds were reportedly one of the ringleaders behind the new competition, which would see 12 of Europe's biggest clubs play in a closed-shop league.
Liverpool delivered a short statement on their website late on Tuesday.
It read: "Liverpool Football Club can confirm that our involvement in proposed plans to form a European Super League has been discontinued.
"In recent days, the club has received representations from various key stakeholders, both internally and externally, and we would like to thank them for their valuable contributions."