The Premier League's big six each stand to lose £8m after they initially signed up to the European Super League.
Manchester United, Manchester City, Arsenal, Chelsea, Liverpool and Tottenham all made moves to join the breakaway competition.
Less than 48 hours later though, following widespread criticism and fan anger, all of them had pulled out.
They joined European heavyweights Atletico Madrid, Barcelona, Real Madrid, AC Milan, Inter Milan and Juventus in trying to create the Super League.
The project was well backed by American bank JP Morgan but each club purchased around £8m in equity stakes in the European Super League.
That was set to go towards helping negotiate broadcasting deals, commercial contracts and to cover legal fees.
All 12 clubs signed contracts for what they thought was a long-term commitment which means their initial investment is unlikely to be reclaimed, reports the Sun.
To make matters worse the six English teams could face sanctions - be that from the Premier League or UEFA.
United, whose executive vice-chairman Ed Woodward has resigned, saw their share price drop following the drama-filled two days.
Chelsea were the first English club to pull the plug on joining the Super League as fans protested outside Stamford Bridge before Manchester City soon followed.
The other four Premier League sides left it several hours before they pulled out of the proposals late on Tuesday night.
European clubs have since pulled out leaving the Super League project in tatters.
Despite that Juventus chief Andrea Agnelli, who received scathing criticism from UEFA chief Aleksander Čeferin, has conceded that proposals can no longer go ahead despite backing it himself.
When asked if it could still happen he said: "To be frank and honest no, evidently that is not the case.
"I remain convinced of the beauty of that project, but admittedly I don't think that that project is now still up and running."
