Owner Roman Abramovich and Chelsea's board "deeply regret" their decision to join the European Super League.
Chelsea issued a lengthy statement on Friday night, laying bare their reasoning for joining the short-lived project.
The Blues have admitted their error in joining the Super League on Sunday, only to withdraw on Tuesday night following extended supporter protests.
"The owner and board understand that involving the club in such a proposal was a decision we should not have taken," the statement read.
"It is a decision we deeply regret."
Chelsea insist they reluctantly joined the breakaway Super League project in order to keep the Stamford Bridge club among the world's elite, but pulled back having heard the depth of fan unrest.
Blues supporters flocked to Stamford Bridge ahead of Tuesday's Premier League clash with Brighton, protesting against the Super League.
Technical director Petr Cech spoke to fans directly on Fulham Road, while scores of police contained the protests. But then, ahead of a delayed kick-off, Chelsea had signalled their intent to quit the controversial competition.
"We have taken time since withdrawing from the ESL to speak directly to various supporter groups and listen to their views and concerns," read the Chelsea statement.
"Our ambition with Chelsea Football Club has always been to make it the best club in the world, both on the pitch and in how we work with, and give back to the community off it."