But the so-called "G-14 Clubs", meeting in a Madrid casino, warned UEFA that further negotiations were needed on financial matters, particularly the share-out of TV revenue, which is expected to be worth #350 million pounds ( $587 million).
A sub-group of five clubs - AC Milan, Bayern Munich, Olympique Marseille, Porto and Real Madrid - was created to work on the fine-tuning of the deal with UEFA.
The full G-14 group also includes Ajax Amsterdam, Borussia Dortmund, Barcelona, Inter Milan, Juventus, Liverpool, Manchester United, Paris St Germain and PSV Eindhoven.
A statement released after the meeting said the clubs "accept the new format in the sporting terms proposed by UEFA".
But they also called on UEFA "to renegotiate the TV and other rights to the competition ... in order to maximise the revenue".
And they made it clear they want the new competition to start as soon as possible, namely from next season.
The 14 giants of European soccer have formed a permanent and closed group - with Real Madrid president Lorenzo Sanz as its secretary - in order to "continue working in defence of the interests of all clubs".
But Sanz insisted the new power bloc will not become a rival for European football's governing body.
"We are not a parrallel UEFA," Sanz said after the meeting. "We are collaborating with UEFA. We are a working group and we don't want to replace anyone."
Tuesday's meeting was solely concerned with sporting matters, but Sanz revealed the group will in the future also discuss matters such as UEFA's role in handing out fines and other sanctions to clubs, as well as the release of players for international fixtures.
Karl-Heinz Rummenige, the Bayern Munich vice-president who will take a leading role in the negotiations with UEFA, stressed that the sporting aspect of the competition was the most important.
"We have to be sure that the schedule of games involved in this format as the right one for all clubs. We agreed that 17 was the right number and we'd like to start next season.
"In terms of domestic commitments we understand that some countries, Spain and England for example, have 20-team leagues and we have to find the best way for every country.
"We don't want any confrontation. This is a collaboration. It's a good compromise."
Next week in Geneva, the presidents of all 51 UEFA federations are meeting to discuss the proposals of the Champions' League, the expansion of the UEFA Cup, the abolition of the European Cup Winners' Cup and other matters relating to the European Union.
The final decision on the exact format of the new Champions' League is expected to be agreed at the next UEFA Executive Committee meeting in Jerusalem on December 10.
The new G-14 will have their next full meeting on December 18, again in Madrid, to discuss their response.
Manchester United president Martin Edwards was positive about the meeting and said he was unconcerned that there were no English clubs among the negotiating group of five.
"This was a very useful meeting for us," Edwards said as he left the meeting. "We'll have our say within the group of 14."
But Rick Parry, representative of the only other Premier League club at the table, Liverpool, sounded a less optimistic note as he described the meeting as "OK" before rushing away a full hour before the rest of the participants left the building.
The agreement reached on Tuesday appears to put the final nail in the coffin of a rival Super League idea planned by Milan-based Media Partners who made no immediate comment after the clubs meeting in Madrid.
Reuters
