Following the controversial announcement last weekend that 12 European clubs would join the breakaway ESL, the decision has been met with a sustained backlash.
“To be frank and honest no, evidently that is not the case,” said Agnelli, on whether the ESL could still happen, as per reports from the BBC Sport.
“I remain convinced of the beauty of that project, of the value that it to the pyramid, and the creation of the best competition in the world, but evidently not.
“I don’t think that project is now still up and running.”
UEFA are expected to announce later today whether or not they will punish the 12 clubs involved in the plans in relation to this season’s Champions League and Europa League.
UEFA President Aleksander Ceferin previously stated any clubs or players involved in the new ESL would be banned from UEFA competitions, which could include this 2021 semi finals.
Real Madrid, Chelsea, Manchester City, Manchester United and Arsenal could all face expulsion if UEFA follow through on their original statements.