Frank Christian
Sunderland emerged victorious in the 2025 EFL Championship playoff final, defeating Sheffield United 2-1 at Wembley Stadium.
A thrilling conclusion saw Tom Watson score in the dying moments of the second half, securing the Black Cats’ return to the Premier League for the first time since the 2016/17 season.
This highly-anticipated matchup is known as ‘the richest game in football’ and has been for quite some time.
The substantial financial rewards from promotion to the Premier League are undeniable. While the top two teams enjoy their successes over a 46-game season, the unique, high-stakes nature of this decisive match offers an immense attraction.
But does the EFL Championship playoff final genuinely deserve its title as the richest game in football?
What is the actual value of the EFL Championship playoff final?
Unlike the Premier League, the final standings in the Championship do not significantly affect the income from competition.
Every one of the 24 clubs receives £5 million ($6.6 million) as solidarity payments from the Premier League, complemented by an annual central income from the EFL amounting to £11 million ($14.5 million).
The only variance in income for each club arises from facility fees collected for televised matches. Teams vying for promotion or established clubs — such as the 2024/25 champions Leeds United — typically fare better here, yet the income disparity between the top and bottom clubs remains minimal.
For teams finishing in third to sixth place, participation in the playoffs provides a nice financial boost, as they share 12.5% of the gate receipts from the four semifinal matches equally among them.
In the final match, each team receives 25% of the receipts from Wembley. If the match sells out, the losing team can expect about £2 million ($2.64 million) as consolation.
Significant financial gains only begin after achieving promotion. According to EFL Analysis, clubs not benefiting from parachute payments can anticipate their revenue increasing by 400% annually just by being in the Premier League.
Sheffield United, who finished at the bottom of the 2023/24 Premier League table, earned £109.7 million ($144.9 million) from central TV and commercial payments. Burnley and Luton Town, who placed 19th and 18th respectively, received £110.1 million ($145.5 million) and £115.4 million ($152.5 million) each. Notably, Luton won the playoffs in 2023.
The financial value of winning a Championship playoff final varies based on several factors, including the team’s existing revenue and their performance in the Premier League season that follows.
A study by the Mirror indicates that financial analysts estimate a Championship playoff final victory could be worth between £300 million ($396.3 million) and £170 million ($224.6 million). Even at the lower estimate, this backs the match’s claim to being the ‘richest game.’ In comparison, the updated FIFA Club World Cup with its substantial prize fund, which guarantees the winner around $125 million, does not come close.
How do parachute payments in the Premier League function?
If a newly promoted club survives its first season in the Premier League, they receive additional financial incentives based on their final league position.
The Premier League allocates prize money to each club after the season concludes. For instance, Nottingham Forest finished 17th in the 2023/24 season—just outside the relegation zone—and received a £6.8 million ($9 million) “merit payment.”
Clubs relegated back to the Championship receive ‘parachute payments’ to assist in adjusting to the significantly different financial landscape of the second tier, compared to the top flight. The revenue from a year in the Premier League substantially increases income but also generally leads to a major rise in operational costs for the club.
Parachute payments come from the Premier League’s ‘Equal Share’ dividend from TV revenue, divided among the 20 top-flight teams, in addition to their individual live match fees.
Relegated clubs receive an initial 55% of the revenue they would have received in their first season back in the Championship.
This percentage drops to 45% in the second year and down to 20% in the third year—but only if the club that is receiving payments has stayed in the Premier League for more than one season.
According to EFL Analysis, this translates to approximately £41 million ($54.15 million) in the first year, £35 million ($46.2 million) in the second, and £15 million ($19.8 million) in the third year.
Which teams have gained promotion via the EFL Championship playoffs?
| Season | First Place | Second Place | Playoff Winner |
| 1992/93 | Newcastle United | West Ham United | Swindon Town |
| 1993/94 | Crystal Palace | Nottingham Forest | Leicester City |
| 1994/95 | Middlesbrough | Reading | Bolton Wanderers |
| 1995/96 | Sunderland | Derby County | Leicester City |
| 1996/97 | Bolton Wanderers | Barnsley | Crystal Palace |
| 1997/98 | Nottingham Forest | Middlesbrough | Charlton Athletic |
| 1998/99 | Sunderland | Bradford City | Watford |
| 1999/2000 | Charlton Athletic | Manchester City | Ipswich Town |
| 2000/01 | Fulham | Blackburn Rovers | Bolton Wanderers |
| 2001/02 | Manchester City | West Bromwich Albion | Birmingham City |
| 2002/03 | Portsmouth | Leicester City | Wolves |
| 2003/04 | Norwich City | West Bromwich Albion | Crystal Palace |
| 2004/05 | Sunderland | Wigan Athletic | West Ham United |
| 2005/06 | Reading | Sheffield United | Watford |
| 2006/07 | Sunderland | Birmingham City | Derby County |
| 2007/08 | West Bromwich Albion | Stoke City | Hull City |
| 2008/09 | Wolves | Birmingham City | Burnley |
| 2009/10 | Newcastle United | West Bromwich Albion | Blackpool |
| 2010/11 | Queens Park Rangers | Norwich City | Swansea City |
| 2011/12 | Reading | Southampton | West Ham United |
| 2012/13 | Cardiff City | Hull City | Crystal Palace |
| 2013/14 | Leicester City | Burnley | Queens Park Rangers |
| 2014/15 | Bournemouth | Watford | Norwich City |
| 2015/16 | Burnley | Middlesbrough | Hull City |
| 2016/17 | Newcastle United | Brighton & Hove Albion | Huddersfield Town |
| 2017/18 | Wolves | Cardiff City | Fulham |
| 2018/19 | Norwich City | Sheffield United | Aston Villa |
| 2019/20 | Leeds United | West Bromwich Albion | Fulham |
| 2020/21 | Norwich City | Watford | Brentford |
| 2021/22 | Fulham | Bournemouth | Nottingham Forest |
| 2022/23 | Burnley | Sheffield United | Luton Town |
| 2023/24 | Leicester City | Ipswich Town | Southampton |
| 2024/25 | Leeds United | Burnley | Sunderland |
