Real Madrid have rejected a deal that would see CVC Capital Partners purchase a 10 per cent stake in La Liga for €2.7billion.
In a statement, Real claim that the "agreement was reached without the involvement or knowledge of Real Madrid".
CVC announced earlier in the week that the deal would entail the "creation of a new company to which La Liga will transfer all its businesses, subsidiaries and joint ventures and in which CVC will hold a minority participation of 10 per cent."
Top flight clubs are in line to receive 90 per cent of the €2.7billion quoted.
Based on La Liga's method of financial distribution, Real would be in line for an approximate windfall of €238.6million, with Barça receiving around €252million.
Sevilla would be next at the trough for €120million, Valencia for €117million and champions Atletico Madrid for €115million.
This money would prove quite handy, particularly for Real and Barcelona, both of whom are mired in debt.
On Thursday evening, Barcelona announced Lionel Messi would not be able to renew his deal "despite having reached an agreement and the clear intention of both parties to sign a new contract" due to La Liga's financial restrictions.
An inability to secure the CVC money means Barça will almost certainly be unable to resume those Messi talks.
But Real are not for turning, saying on Thursday evening, "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."
The added, "The negotiation was carried out without competitive proceedings and the financial conditions agreed with CVC Capital Partners give them annual returns of over 20%.
"This opportunistic fund is the same which tried and failed to reach similar agreements with the Italian and German leagues.
"Real Madrid cannot support a venture which hands the future of 42 Primera and Segunda División clubs over to a group of investors, not to mention the futures of those clubs who qualify over the next 50 years.
"Real Madrid will convene the Assembly of Representative Members to debate the agreement and discuss the significant loss of equity, unprecedented in our 119-year history."