I’m not saying this is all they need to do, but what they need to do is reorganize their licensing like the prem did. Get control of Real and Barca(especially Barca) and promote the product massively in Spanish speaking countries. Prem was equal with Spain up until they got the second BIG deal with the US and NBC once that happened it was over.
The reason you go after those countries is because of cost, you don’t need to add any broadcasting partners you just take the Spanish coms and sell it directly to the markets. It’s not to compete with the pan american leagues its to work along side them.