The European Super League is on "standby" despite nine of the 12 founding teams withdrawing, says Real Madrid president Florentino Perez.
After a furious backlash against the proposed tournament that was announced on Sunday, all six Premier League clubs involved withdrew on Tuesday.
Spanish club Atletico Madrid and Italian sides AC Milan and Inter Milan have also formally pulled out.
"We're going to continue working," said Perez. "The project is on standby."
Speaking on the El Larguero show on Spanish radio station Cadena Ser, Super League chairman Perez claimed the project was not yet dead as all 12 clubs "have not left yet".
"You cannot get out of the contract like this - they are binding contracts," he added.
When asked what the penalty was for leaving the project, Perez did not answer.
