G-14, the group of the world's wealthiest clubs, has disbanded.
Barcelona president Joan Laporta is confident of a new era
The decision came after an agreement was reached with Fifa over compensation for players getting injured on international duty.
G-14 are made up of the 18 most powerful clubs in Europe including English giants, Manchester United, Liverpool and Arsenal.
The clubs had also pushed for compensation for players involved on international duty.
It is the beginning of a new era, an era that will be based on trust
"We were able to clear all the obstacles and found a form of governance that works," said G-14 president and Lyon chairman Jean-Michael Aulas.
Instead of the restricted G-14, club representation has been taken over by a wide-ranging independent European Club Association, which will have more than 100 members.
"It is the beginning of a new era, an era that will be based on trust," FC Barcelona president Joan Laporta said.
"The clubs feel they belong to the family of football again."
G-14's main goals were to force international federations to take care of player insurance when they are on international duty, provide compensation to clubs and ease the national team calendar to leave more space for clubs to organise profitable matches.
And last month a deal was struck where clubs whose players take part in the next two European Championships and the 2010 World Cup will receive about £128m from Uefa and Fifa.
One of the key issues for the new ECA now is to expand the compensation deal beyond the finals of major competitions and to all qualifying and friendly games.