Real Madrid have joined Spanish rivals Barcelona in withdrawing from the European Super League.

Barcelona confirmed last week that they had pulled out of the project.

The Blaugrana, Madrid, Atletico Madrid, Juventus, Inter, AC Milan, Manchester City, Tottenham, Arsenal, Manchester United, Liverpool and Chelsea had initially tried to form the breakaway competition in 2021.

Madrid president Florentino Perez was one of the driving forces behind the project, which never got off the ground after huge fan uproar across the continent.

However, almost five years on, Madrid have now withdrawn their interest after striking an agreement with UEFA.

In a statement, Madrid said they had reached an agreement "for the good of European club football".

The statement added: "Following months of discussions conducted in the best interests of European football, UEFA, European Football Clubs (EFC), and Real Madrid CF announce that they have reached an agreement of principles for the well-being of European club football, respecting the principle of sporting merit with emphasis on long-term club sustainability and the enhancement of fan experience through the use of technology.

"This agreement of principles will also serve to resolve their legal disputes related to the European Super League, once such principles are executed and implemented."