Barcelona have accepted a proposal to join a new European Super League, a move that would secure the club’s financial future, Josep Maria Bartomeu said after resigning as president on Tuesday. Bartomeu and the rest of the board of directors resigned ahead of a vote of no-confidence due next month.

The agreement to join the proposed European league would need to be ratified by the club’s members.

“I can announce some extraordinary news,” Bartomeu said. “On Monday, the board of directors approved the requirements to participate in a future European Super League, a project promoted by the big clubs in Europe.”

On Wednesday, Barcelona named Carles Tusquets as their acting president.

Last week, Sky News reported that a $6 billion funding package had been put in place for a breakaway league, that would feature up to 18 clubs from Europe’s top five leagues, and is supported by Liverpool and Manchester United.

In response, La Liga President Javier Tebas said Bartomeu’s comments confirmed his “ignorance” about the football industry and described the Super League as “a weak and imaginary competition”. “Sad end for a president with successes and lately many mistakes,” Tebas tweeted.

Bartomeu resigned ahead of a vote of no-confidence that was due to be held next month after some 20,000 fans signed a petition demanding that he step down. “It’s a thought-out, serene, informed decision”, Bartomeu said.

Bartomeu, 57, has been facing growing resentment due to the club’s worsening finances and the team’s decline on the pitch, which came to a head with their 8-2 defeat to Bayern Munich in the Champions League quarter-finals in August. He has been criticised after Lionel Messi requested a transfer following the Champions League humiliation.