European Super League president Florentino Perez claims the controversial new tournament will "save football".
The concept has faced backlash since 12 leading clubs announced they'll join the breakaway competition.
The Premier League will hold an emergency meeting later, where the 14 English top-flight clubs not involved in the Super League will consider what happens next.
"Whenever there is a change, there are always people who oppose it. We are doing this to save football at this critical moment," Real Madrid chief Perez said on Spanish TV show El Chiringuito de Jugones.
"Audiences are decreasing and rights are decreasing and something had to be done. We are all ruined. Television has to change so we can adapt.
"Young people are no longer interested in football. Why not? Because there are a lot of poor quality games and they are not interested, they have other platforms on which to distract themselves."
Madrid, Barcelona, Atletico, Liverpool, Manchester United, Manchester City, Arsenal, Chelsea, Tottenham, AC Milan, Inter Milan and Juventus have committed to the new proposed competition as founder members.
UEFA yesterday announced plans to reform the Champions League and Europa League from 2024 but Perez says those moves aren't enough.
"If we continue with the Champions League there is less and less interest and then it's over. The new format, which starts in 2024 is absurd. In 2024 we are all dead.
"Together we have lost €5billion, in two seasons Madrid have lost €400m.
"When you have no income other than television, you say that the solution is to make more attractive matches that fans from all over the world can see with all the big clubs, and we came to the conclusion that if instead of having a Champions League we have a Super League we would be able to alleviate what we have lost."