Since January 2013 the combined debt to the Spanish state has been reduced from 650 million euros ($760.9 million) to 317 million euros, according to LaLiga, and estimates predict it will fall by a further 42 million euros this season.
"The progression has been incredible and what has been most important is that we haven't lost our competitiveness," LaLiga president Javier Tebas said in a statement.
"The test of this is that we are still doing well in Europe."
With Spanish clubs increasingly falling on hard times after overspending, a commission was set up by LaLiga and the government's sports council (CSD) to resolve the crisis at the start of 2013, and controls were put in place including the power to prevent the signing of players.
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The task of clearing the debt will be helped by the introduction of collective bargaining by clubs this season for television rights that is set to bring in over one billion euros ($1.14 billion) and will give less wealthy clubs a greater chance of competing with giants Real Madrid and Barcelona.
(Editing by Martyn Herman)
