La Liga’s clubs have approved a €2.1 billion (£1.95bn) deal that will see 10% of the league’s commercial rights acquired by a private equity firm.
Real Madrid, Barcelona, Atletico Bilbao and an unnamed Second Division side were the only four of 42 clubs in Spain’s top two divisions to reject it.
La Liga president Javier Tebas said the deal with CVC Capital Partners is the “answer to the challenges” clubs face.
However, Real Madrid said on Wednesday it would launch lawsuits over the deal.
The league says the deal – which it has titled ‘Boost LaLiga’ – will strengthen its clubs and give them funds to spend on new infrastructure as well as increasing how much they could spend on player salaries.
According to Tebas, broadcasting rights would remain with La Liga and he added: “We haven’t sold anything to CVC.”
The deal will involve CVC – whose revenues will come from La Liga’s broadcasting and sponsorship rights – purchasing a stake in a new company, which will channel investment to clubs by La Liga in interest-free loans.
The original investment was due to be €2.7bn (£2.3bn), but due to the four clubs refusing it will be reduced.
When Tebas first announced the proposal on 4 August, the Spanish Football Federation (RFEF) said the deal was “illegal” and would “increase inequality”.
Barcelona president Joan Laporta previously said it was like “mortgaging the club’s rights over the next half-century”.
CVC, which has a deal with rugby’s Six Nations and formerly owned Formula One, has described threats of legal action as “totally disproportionate and manifestly unfounded”.