The Spanish Liga on Friday ratified a deal with investment fund CVC, which will acquire 10 percent of its rights for nearly two billion euros ($2.2 billion), although Barcelona and Real Madrid are among clubs that have opted out.
The controversial "Projecto Impulso" or "Boost LaLiga", needed the support of at least 32 of the 42 clubs in the top two Spanish divisions and was passed with 37 clubs voting for.
Opponents Real, Barca, Athletic Bilbao, and one unnamed club voted against while one reportedly abstained.
La Liga said in its statement that the vote "carves out the clubs that choose not to participate".
Those clubs will remain independent in their decisions and in the management of their budgets but will not receive any of the money.
"I am confident it will be a watershed positive moment for these 37 clubs," said Liga president Javier Tebas.
La Liga said the deal was worth 1.994 billion euros.
Spanish media reports and Barcelona and Real Madrid said the deal was for 50 years.
In matching statements, issued before Friday's vote, Real Madrid and Barcelona called the project "flagrantly illegal" and "seriously damaging to the interests of all Spanish football... at a time when the pandemic has caused feelings of helplessness, uncertainty and weakness among many of the current associate members".
They said that if the deal was ratified "we shall exercise the appropriate legal actions".
La Liga said 70 percent of the initial payment would be spent on "infrastructure, international development, brand and product development, communication strategy, innovation and technology, and a content development plan for digital platforms and social media".
The clubs, who have been hit hard by the Covid-19 pandemic, would be able to spend up to 15 per cent to sign players and 15 per cent to reduce debt.
"The agreement will consolidate LaLiga's position among the world's leading entertainment industry brands," said La Liga.
CVC, which from 2006 to 2016 was a major shareholder in Formula One, describes itself as "a world leader in private equity and credit".
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