AC Milan chief executive Ivan Gazidis said on Tuesday that the proposed breakaway Super League will be good for the club and for whole of football.

Milan are one of three Italian clubs, along with three teams from Spain and six from England, to have announced on Sunday that they want to be part of a new European Super League, which will run in competition with the UEFA Champions League.

"We're confident that this new competition will capture the imagination of billions of soccer fans all over the world and will be a new, exciting chapter for the game," Gazidis wrote in a letter to Milan's sponsors and commercial partners.

"The Super League will provide value and support to the whole soccer pyramid with greater financial resources."

US investment bank JP Morgan (JPM.N) is financing the new league, providing a 3.5 billion euro ($4.21 billion) grant to the founding clubs to spend on infrastructure and recovery from the impact of the COVID-19 pandemic.

However, the proposal has triggered widespread criticism from clubs, domestic leagues and governing bodies throughout Europe.

Gazidis added that Milan does not want to leave Serie A as a result of the move, with his side nine points behind leaders Inter Milan in this season's competition.

"It will remain the most important weekend competition in Italy and Milan is proud to remain," he wrote.