Spain's top clubs on Thursday approved private equity firm CVC's proposed investment despite votes against from Real Madrid and Barcelona, on the condition that individual clubs can opt out of the deal, La Liga's president said.
Facing fierce opposition from the country's two leading clubs to the plan that initially targeted €2.7 billion ($3.2 bn) in investment, CVC modified its original proposal shortly before the vote, allowing clubs in La Liga to take part on a voluntary basis.
If Real Madrid, Barca and Athletic Bilbao choose not to join the deal, the investment is likely to total between €2.1-2.2bn, La Liga's Javier Tebas told a news conference.
Despite the approval by 38 clubs out of La Liga's 42, the deal still faces legal risks.
CVC sought to pour money into La Liga, which covers Spain's top two divisions, in exchange for nearly 11 per cent of revenue from television rights over 50 years.
The league has argued the deal, called "Boost LaLiga", would strengthen clubs and give them funds to spend on new infrastructure and modernisation projects, as well as increasing how much they can spend on players' salaries.
Real Madrid said they are planning to launch civil and criminal lawsuits against Tebas and CVC Capital's chief Javier de Jaime Guijarro over the planned deal.