An overwhelming majority of La Liga clubs have voted in favour of a major investment from CVC Capital Partners.
38 clubs out voted in favour, with 32 needed to pass the motion. Real Madrid, Barcelona, Athletic Bilbao and Real Oviedo voted against.
Real and Barça have publicly spoken against the investment, with both still eyeing participation in the Super League. Indeed, Real this week launched legal action against La Liga president Javier Tebas and CVC.
CVC had planned to invest €2.7billion into Spain's top two division, but those four votes against means that figure drops to €2.1billion. Barcelona, Real Madrid, Athletic Bilbao and Oviedo will not receive the proposed windfall.
Barça were in line to receive approximately €252million, and Real €236.8million. However, only 15 per cent of monies received can be used to service debt. 70 per cent must be dedicated to infrastructure, with the remaining 15 per cent used to increase a club's salary cap for a period of three years.
Tebas: “CVC have not come here to bail us out - they are not here because of the pandemic. Only 15% of the money can be used to pay off debts, 70% is for investment in infrastructure. So they are not here to bail out Spanish football, but to help build a stronger league.”
— Dermot Corrigan (@dermotmcorrigan) August 12, 2021
In a statement last week, Real claimed, '"The clubs have signed over their audiovisual rights exclusively for their sale on a competitive basis for a period of three years.
"This agreement, by way of a misleading structure, expropriates 10.95% of the clubs' audiovisual rights for the next 50 years, in breach of the law."
Meanwhile, Athletic Club say the clubs have not been given adequate time to fully study the deal, and don't see the rush in having it passed.
Speaking after La Liga's General Assembly approved the CVC deal, Tebas said, "CVC have not come here to bail us out - they are not here because of the pandemic.
"Only 15% of the money can be used to pay off debts, 70% is for investment in infrastructure. So they are not here to bail out Spanish football, but to help build a stronger league."
Tebas says Real's obstinance is based purely on a desire to see the Super League come into being.
"Real Madrid's position has above all to do with the Super League, Tebas said, "Barça has been a little less forceful in that regard, but this injection of funds to La Liga does not suit Real Madrid.
"[Real president] Florentino [Perez] believes that the big clubs have to look after each other and what they have left over, is for the others.
"He said it in the famous interview with El Chiringuito. Real Madrid has been blocking audiovisual rights agreements for eight years and, even so, we have continued to grow.
"They [Real] are not essential. I would have liked them to have been in this type of agreement, but they do not prevent La Liga from growing."