Jim welcomes big hand out
THE multi-million pound hand-out planned by Premier League bosses has been welcomed by Blues boss Jim Magilton.The Evening Star revealed on Tuesday that around £12million is to be shared between Championship clubs this coming season as both leagues look to bridge the cash chasm between them.
By Derek Davis
THE multi-million pound hand-out planned by Premier League bosses has been welcomed by Blues boss Jim Magilton.
The Star revealed on Tuesday that around £12million is to be shared between Championship clubs this coming season as both leagues look to bridge the cash chasm between them.
While the exact amount paid to each club has yet to be ratified there will be an average of around £600,000 paid on a sliding scale, available to all the clubs apart from the three relegated from the Premiership as they already have a £6.4m parachute payment.
Magilton said: “It is a great idea and I welcome the money.
“The Premier League can afford to hand it out and a bit more would be nice but it is still a generous gesture to give it away.
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“We are thankful for even a small bit extra and hopefully we can put it to good use and spend it wisely.”
The Premier League will have an extra £625m to share out between them as from next season, which would mean promotion being worth at least £60m including a soft landing of around £11m for any clubs relegated.
Getting there in the first place remains the big challenge, made harder every year for those clubs without huge backers.
While Magilton will have around £5.5m once again to use, Mick McCarthy at Wolves, for example, has just been promised most of a £30m investment.
Magilton said: “The gap between the Premiership and the Championship is massive. At the moment it is disproportionate and if they can come to some sort of long-term solution then it will benefit everyone.”
The Blues continue to look at downsizing their current debt of £36m, which in turn would attract significant investment that would be returned with interest after reaching the Promised Land that is the Premiership.
Magilton said: “The Premiership is where the real money is when you get the opportunity to get there.
“It guarantees extra income not just in the form of extra television revenue but merchandising, ticket sales and commercial benefits.
“It is a huge carrot to get into the Premiership and for people to invest in Championship clubs like ourselves.”
The Premier League are expected to pass the motion releasing the £12m fund at a meeting next Friday and the Football League chairmen, including Ipswich's David Sheepshanks and Colchester United's Peter Heard, will discuss the proposal at their annual meeting the week after when they meet in Portugal.