One of Coventry City and Luton Town will be promoted to the Premier League today (Saturday) in what has been billed as the most lucrative football match in history due to the significant prize money on offer. The Championship play-off hopefuls will step out onto the pitch at Wembley knowing that they face a 90-minute wait – a maximum of two hours if it goes to extra time or penalties – and a nine-figure fee that could secure their future for years to come.
According to Deloitte Sports Business Group, reaching the top flight via the Championship play-off final in 2022-23 will earn the winner an increase in revenue of at least £170million across the next three seasons.
This is calculated on the portion of the £5bn Premier League TV deal, gate receipts, matchday revenue and prize money for where they finish in the top flight.
However, that figure could rise to as much as £290m if they manage to stay in the top flight in 2023-24.
Premier League broadcasting revenue would likely bring in about £90m for the 2023-24 season, with parachute payments worth around £80m for the following two seasons if they were to be relegated, totalling £170m even if they get relegated.
And while the loser won’t go home empty-handed, they will be taking home a significantly lower windfall than the Play-off winners, as well as having to face another season in the second tier.
Coventry snuck into sixth on the final day of the season and made the most of their opportunity by beating Middlesbrough 1-0 on aggregate, with Gustavo Hamer the hero.
Luton, meanwhile, finished third in the league and missed out on automatic promotion. But Rob Edwards’ side produced a statement performance to come back from the brink to overcome Sunderland.
While Coventry last featured in the Premier League back in 2000-01, Luton were relegated from the old First Division in 1991-92 and have never won promotion to the Premier League in its current form.
Coventry and Luton operate with two of the lowest wage budgets in the Championship, with the Hatters 20th and the Sky Blues 23rd in operational costs. And such a huge income would unquestionably allow them to hand wage rises to their current squad members as they well as recruiting from elsewhere.
But they may have to spend big in the transfer market to have a realistic chance of staying up – and that could see the vast majority of their £170m prize fund dedicated to signing new players instead, unless Edwards or Coventry boss Mark Robins can be shrewd enough to find some bargain deals.
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