All six Premier League clubs who agreed to join the European Super League will exit less than 48 hours later.
Manchester City, Liverpool, Manchester United, Arsenal and Tottenham Hotspur will begin the process of pulling out with Chelsea also to join them.
In their statement, Arsenal "apologised" to their supporters, adding: "It was never our intention to cause such distress, however when the invitation to join the Super League came, while knowing there were no guarantees, we did not want to be left behind to ensure we protected Arsenal and its future."
The 12 clubs had insisted the Super League would provide greater financial support for the football pyramid with a planned €10 billion in solidarity payments to non-participating clubs.
UEFA has warned it may impose sanctions against clubs and players who take part in the breakaway competition.