Premier League rights were auctioned off for an astonishing £5.136 billion this week, averaging at £10 million per game.
The Liga de Futbol Profesional is currently negotiating fresh terms on La Liga's new TV deal, though delays have frustrated its president Tebas.
And he is concerned that stellar names plying their trade in Spain could be drawn to the riches on offer in England.
"We've done all we have to do and we can only hope that the decision is for the good of football fans and Spanish sport," he told EFE.
"[The delays] could result in a very important loss, hundreds of millions of Euros, which would mean a very complicated future for Spanish football.
"There will be a new exodus of players. The current model stops us keeping our stars.
"Our game is going to be devalued."
Arsenal manager Arsene Wenger may be one of those looking to take advantage of further financial clout in the market, having recently signed La Liga stars Mesut Ozil and Alexis Sanchez in big-money moves.
"It makes the clubs in a bigger, stronger financial position all over Europe," he said.
"It will contribute to get the best players all over the world to come to England. The movement of the players is always linked with the economical and financial power in the countries.
"When I was a coach in Monaco we bought the English players because we were the first to have the television money. Today the biggest financial power is in England and the best players come to England."
