La Liga president Javier Tebas fears that Barcelona and Real Madrid stars could move to England following the Premier League's latest television deal.
Sky and BT Sport recently paid over £5.1bn for Premier League television rights for three seasons starting from 2016-17.
Tebas says that Spanish football may suffer as a result, with players seeking a more lucrative deal in England.
"We have a serious problem, and we won't be the best league in a year," Tebas told BBC Sport.
"We're going to lose a lot of value in the market because the Premier League is going to snap up all of the global TV competition and contracts."
Currently, Spanish clubs negotiate their own television deals, with Real Madrid and Barcelona receiving £70m more than Atletico Madrid in 2012-13.
