Promotion and relegation: the money
Every time a club with published accounts changed division, comparing the last season before the move with the first season after it. Divisions are the ones played in during the season each set of accounts covers.
Relegated: Premier League to Championship
15 moves: Burnley (FY2025), Luton (FY2025), Sheffield United (FY2025), Leeds (FY2024), Leicester (FY2024), Southampton (FY2024), Burnley (FY2023), Norwich (FY2023), Watford (FY2023), Fulham (FY2022), Sheffield United (FY2022), West Brom (FY2022), Bournemouth (FY2021), Norwich (FY2021), Watford (FY2021).
After dropping from the Premier League to the Championship, revenue fell by a median 42% (7 comparable moves).
- Median revenue change
- −42%
- Median broadcast & league change
- −50%
- Median wages / revenue
- 77% → 80%
- Pre-tax loss the season after
- 8 of 15
Medians leave out 8 moves where a year isn’t comparable (†).
Promoted: Championship to Premier League
15 moves: Ipswich (FY2025), Leicester (FY2025), Southampton (FY2025), Burnley (FY2024), Luton (FY2024), Sheffield United (FY2024), Bournemouth (FY2023), Fulham (FY2023), Nottingham Forest (FY2023), Brentford (FY2022), Norwich (FY2022), Watford (FY2022), Fulham (FY2021), Leeds (FY2021), West Brom (FY2021).
After going up from the Championship to the Premier League, revenue rose by a median 160% (8 comparable moves).
- Median revenue change
- +160%
- Median broadcast & league change
- +186%
- Median wages / revenue
- 126% → 74%
- Pre-tax loss the season after
- 9 of 15
Medians leave out 7 moves where a year isn’t comparable (†).
Relegated: Championship to League One
13 moves: Birmingham (FY2025), Huddersfield (FY2025), Rotherham (FY2025), Blackpool (FY2024), Reading (FY2024), Wigan (FY2024), Peterborough (FY2023), Barnsley (FY2023), Sheffield Wednesday (FY2022), Rotherham (FY2022), Wycombe (FY2022), Charlton (FY2021), Hull (FY2021).
After dropping from the Championship to League One, revenue fell by a median 41% (9 comparable moves).
- Median revenue change
- −41%
- Median broadcast & league change
- −63%
- Median wages / revenue
- 87% → 97%
- Pre-tax loss the season after
- 11 of 12
Medians leave out 4 moves where a year isn’t comparable (†).
Promoted: League One to Championship
15 moves: Derby (FY2025), Oxford (FY2025), Portsmouth (FY2025), Sheffield Wednesday (FY2024), Ipswich (FY2024), Plymouth (FY2024), Sunderland (FY2023), Rotherham (FY2023), Wigan (FY2023), Blackpool (FY2022), Hull (FY2022), Peterborough (FY2022), Wycombe (FY2021), Rotherham (FY2021), Coventry (FY2021).
After going up from League One to the Championship, revenue rose by a median 74% (9 comparable moves).
- Median revenue change
- +74%
- Median broadcast & league change
- +307%
- Median wages / revenue
- 82% → 71%
- Pre-tax loss the season after
- 11 of 14
Medians leave out 6 moves where a year isn’t comparable (†).
Relegated: League One to League Two
3 moves: Doncaster (FY2023), Southend (FY2021), Bolton (FY2021).
- Median revenue change
- n/d
- Median broadcast & league change
- n/d
- Median wages / revenue
- n/d → n/d
- Pre-tax loss the season after
- 2 of 2
Too few comparable moves for a median yet.
Promoted: League Two to League One
3 moves: Wrexham (FY2025), Bolton (FY2022), Plymouth (FY2021).
After going up from League Two to League One, revenue rose by a median 3% (2 comparable moves).
- Median revenue change
- +3%
- Median broadcast & league change
- n/d
- Median wages / revenue
- 55% → 72%
- Pre-tax loss the season after
- 2 of 3
Medians leave out 1 move where a year isn’t comparable (†).
Relegated: League Two to National League
1 move: Southend (FY2022).
- Median revenue change
- n/d
- Median broadcast & league change
- n/d
- Median wages / revenue
- n/d → n/d
- Pre-tax loss the season after
- 1 of 1
Too few comparable moves for a median yet.
Promoted: National League to League Two
1 move: Wrexham (FY2024).
- Median revenue change
- n/d
- Median broadcast & league change
- n/d
- Median wages / revenue
- n/d → n/d
- Pre-tax loss the season after
- 1 of 1
Too few comparable moves for a median yet.
Every move
| Club | Move | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Burnley FY2024→FY2025 | ▼ PL → Champ | £133.6m | £71.7m | −46% | −50% | 70% | 115% | -£29m | -£29.7m |
| Birmingham FY2024→FY2025 | ▼ Champ → L1 | £28.7m | £35.6m | +24% | −63% | 117% | 100% | -£16.1m | -£34.6m |
| Derby FY2024→FY2025 | ▲ L1 → Champ | £19.4m | £31.9m | +64% | +307% | 113% | 99% | -£14.2m | -£11.1m |
| Huddersfield FY2024→FY2025 | ▼ Champ → L1 | £18.2m | £10.6m | −41% | −63% | 127% | 159% | -£15m | -£22.4m |
| Ipswich FY2024→FY2025 † | ▲ Champ → PL | £37.3m | £155.4m | +317% | +940% | 119% | 50% | -£39.3m | £4.01m |
| Leicester FY2024→FY2025 | ▲ Champ → PL | £105.3m | £186.5m | +77% | +117% | 102% | 82% | -£19.4m | -£71.1m |
| Luton FY2024→FY2025 | ▼ PL → Champ | £132.3m | £66.8m | −49% | −52% | 43% | 59% | £49.5m | £17.9m |
| Oxford FY2024→FY2025 † | ▲ L1 → Champ | £8.44m | £19m | +125% | +405% | 133% | 114% | -£15.9m | -£17.5m |
| Portsmouth FY2024→FY2025 | ▲ L1 → Champ | £13.6m | £24.6m | +80% | +364% | 78% | 71% | -£5.61m | -£4.36m |
| Rotherham FY2024→FY2025 | ▼ Champ → L1 | £19.2m | £10.5m | −45% | −73% | 68% | 82% | -£1.7m | -£4.65m |
| Sheffield United FY2024→FY2025 | ▼ PL → Champ | £137.6m | £79.3m | −42% | −49% | 46% | 58% | £3.9m | £2.59m |
| Southampton FY2024→FY2025 | ▲ Champ → PL | £84m | £157.5m | +88% | +105% | 94% | 72% | £24.1m | -£45.3m |
| Wrexham FY2024→FY2025 | ▲ L2 → L1 | £26.7m | £33.3m | +25% | n/d | 41% | 60% | -£2.73m | -£15.2m |
| Burnley FY2023→FY2024 † | ▲ Champ → PL | £64.9m | £133.6m | +106% | +131% | 83% | 70% | -£35.1m | -£29m |
| Sheffield Wednesday FY2023→FY2024 | ▲ L1 → Champ | £19.3m | £26.3m | +36% | n/d | 82% | 83% | -£7.24m | -£10m |
| Blackpool FY2023→FY2024 | ▼ Champ → L1 | £17.3m | £9.7m | −44% | n/d | 78% | 98% | -£260k | -£3.94m |
| Ipswich FY2023→FY2024 † | ▲ L1 → Champ | £21.8m | £37.3m | +71% | +165% | 91% | 119% | -£18.2m | -£39.3m |
| Leeds FY2023→FY2024 | ▼ PL → Champ | £189.7m | £127.6m | −33% | −52% | 77% | 66% | -£33.7m | -£60.8m |
| Leicester FY2023→FY2024 † | ▼ PL → Champ | £177.3m | £105.3m | −41% | −53% | 116% | 102% | -£89.7m | -£19.4m |
| Luton FY2023→FY2024 | ▲ Champ → PL | £18.4m | £132.3m | +618% | +1052% | 150% | 43% | -£16.3m | £49.5m |
| Plymouth FY2023→FY2024 | ▲ L1 → Champ | £14.7m | £25.6m | +74% | +370% | 62% | 66% | -£3.45m | -£2.4m |
| Reading FY2023→FY2024 † | ▼ Champ → L1 | £18.7m | £10m | −46% | −72% | 131% | 140% | -£21.7m | -£12.4m |
| Sheffield United FY2023→FY2024 † | ▲ Champ → PL | £63.9m | £137.6m | +115% | +168% | 75% | 46% | -£31.5m | £3.9m |
| Southampton FY2023→FY2024 | ▼ PL → Champ | £145.5m | £84m | −42% | −48% | 83% | 94% | -£74.4m | £24.1m |
| Wigan FY2023→FY2024 † | ▼ Champ → L1 | £15.9m | £9.25m | −42% | −72% | 146% | 127% | -£13.4m | -£8.23m |
| Wrexham FY2023→FY2024 | ▲ NL → L2 | £10.5m | £26.7m | +155% | n/d | 66% | 41% | -£5.11m | -£2.73m |
| Burnley FY2022→FY2023 † | ▼ PL → Champ | £123.4m | £64.9m | −47% | −54% | 75% | 83% | £41.1m | -£35.1m |
| Sunderland FY2022→FY2023 † | ▲ L1 → Champ | £26.1m | £35.5m | +36% | +211% | 62% | 72% | -£7.17m | -£8.93m |
| Bournemouth FY2022→FY2023 | ▲ Champ → PL | £53.2m | £141m | +165% | +187% | 115% | 71% | -£55.5m | £44.5m |
| Doncaster FY2022→FY2023 † | ▼ L1 → L2 | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d |
| Fulham FY2022→FY2023 | ▲ Champ → PL | £71.6m | £182.3m | +155% | +184% | 126% | 76% | -£57.9m | -£26.6m |
| Norwich FY2022→FY2023 † | ▼ PL → Champ | £133.9m | £75.6m | −43% | −52% | 88% | 75% | -£23.6m | -£27.2m |
| Nottingham Forest FY2022→FY2023 | ▲ Champ → PL | £29.7m | £154.8m | +421% | +927% | 197% | 94% | -£46.2m | -£67.2m |
| Peterborough FY2022→FY2023 | ▼ Champ → L1 | £18.1m | £10.5m | −42% | n/d | 51% | 73% | £860k | -£3.53m |
| Rotherham FY2022→FY2023 | ▲ L1 → Champ | £9.85m | £15.7m | +59% | +185% | 67% | 66% | -£1.69m | -£1.08m |
| Watford FY2022→FY2023 † | ▼ PL → Champ | £128.1m | £66.2m | −48% | −43% | 62% | 74% | -£16.1m | £24.1m |
| Wigan FY2022→FY2023 † | ▲ L1 → Champ | £8.31m | £15.9m | +91% | +282% | 157% | 146% | -£7.66m | -£13.4m |
| Barnsley FY2022→FY2023 | ▼ Champ → L1 | £15m | £9.54m | −36% | −65% | 87% | 97% | -£7.03m | -£4.01m |
| Sheffield Wednesday FY2021→FY2022 | ▼ Champ → L1 | £11.6m | £16.4m | +40% | n/d | 209% | 76% | -£25.8m | -£7.35m |
| Southend FY2021→FY2022 | ▼ L2 → NL | £3.95m | £3.36m | −15% | n/d | 88% | 88% | -£1m | -£2.72m |
| Blackpool FY2021→FY2022 † | ▲ L1 → Champ | £5.41m | £15.3m | +183% | n/d | 142% | 76% | -£5.09m | £568k |
| Bolton FY2021→FY2022 † | ▲ L2 → L1 | £6.16m | £13.8m | +125% | n/d | 112% | 74% | -£1.43m | -£3.69m |
| Brentford FY2021→FY2022 | ▲ Champ → PL | £15.3m | £140.9m | +818% | +1271% | 270% | 48% | -£8.5m | £29.9m |
| Fulham FY2021→FY2022 | ▼ PL → Champ | £116.1m | £71.6m | −38% | −52% | 98% | 126% | -£94.4m | -£57.9m |
| Hull FY2021→FY2022 | ▲ L1 → Champ | £6.86m | £15.4m | +124% | +171% | 123% | 83% | -£8.15m | £13.9m |
| Norwich FY2021→FY2022 † | ▲ Champ → PL | £57.2m | £133.9m | +134% | +108% | 117% | 88% | £21.5m | -£23.6m |
| Peterborough FY2021→FY2022 | ▲ L1 → Champ | £6.73m | £18.1m | +168% | n/d | 103% | 51% | -£1.09m | £860k |
| Rotherham FY2021→FY2022 | ▼ Champ → L1 | £12.1m | £9.85m | −19% | −64% | 68% | 67% | -£867k | -£1.69m |
| Sheffield United FY2021→FY2022 † | ▼ PL → Champ | £115.2m | £66.7m | −42% | −50% | 49% | 63% | £10.3m | -£16m |
| Watford FY2021→FY2022 † | ▲ Champ → PL | £57.1m | £128.1m | +124% | +71% | 119% | 62% | -£21.7m | -£16.1m |
| West Brom FY2021→FY2022 † | ▼ PL → Champ | £106.9m | £65.4m | −39% | −47% | 72% | 65% | £59k | £5.37m |
| Wycombe FY2021→FY2022 † | ▼ Champ → L1 | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d |
| Southend FY2020→FY2021 | ▼ L1 → L2 | £5.11m | £3.95m | −23% | n/d | 85% | 88% | -£1.1m | -£1m |
| Wycombe FY2020→FY2021 † | ▲ L1 → Champ | n/d | n/d | n/d | n/d | n/d | n/d | n/d | n/d |
| Bolton FY2020→FY2021 † | ▼ L1 → L2 | £9.34m | £6.16m | −34% | n/d | 80% | 112% | -£3.89m | -£1.43m |
| Bournemouth FY2020→FY2021 | ▼ PL → Champ | £95.4m | £71.7m | −25% | −16% | 113% | 80% | -£60.1m | £17m |
| Charlton FY2020→FY2021 † | ▼ Champ → L1 | £15.4m | £6.96m | −55% | −40% | 80% | 134% | -£1.13m | £4.23m |
| Fulham FY2020→FY2021 | ▲ Champ → PL | £58m | £116.1m | +100% | +140% | 125% | 98% | -£49m | -£94.4m |
| Hull FY2020→FY2021 | ▼ Champ → L1 | £15.1m | £6.86m | −55% | −63% | 117% | 123% | £2.84m | -£8.15m |
| Leeds FY2020→FY2021 † | ▲ Champ → PL | £54.2m | £171m | +216% | +1432% | 144% | 63% | -£62.4m | -£11.9m |
| Norwich FY2020→FY2021 † | ▼ PL → Champ | £119.4m | £57.2m | −52% | −46% | 75% | 117% | £2.14m | £21.5m |
| Plymouth FY2020→FY2021 | ▲ L2 → L1 | £6.97m | £5.67m | −19% | +35% | 69% | 85% | -£681k | £330k |
| Rotherham FY2020→FY2021 | ▲ L1 → Champ | £9.63m | £12.1m | +26% | +204% | 60% | 68% | -£1.24m | -£867k |
| Watford FY2020→FY2021 † | ▼ PL → Champ | £120m | £57.1m | −52% | −48% | 80% | 119% | -£35.6m | -£21.7m |
| West Brom FY2020→FY2021 † | ▲ Champ → PL | £53.7m | £106.9m | +99% | +139% | 124% | 72% | -£23.4m | £59k |
| Coventry FY2020→FY2021 | ▲ L1 → Champ | £5.1m | £11.8m | +132% | +418% | 128% | 111% | -£3.39m | -£4.73m |
Before = the last season in the old division; after = the first season in the new one. Broadcast change = broadcasting and league income (including parachute payments where clubs report them there). Wages = staff costs as a share of revenue. n/d not disclosed · † a year that isn’t comparable (a period other than 12 months, a switch between company and group accounts, or a restatement), left out of the medians · PL Premier League, Champ Championship, L1 League One, L2 League Two, NL National League · in pounds, from clubs’ statutory accounts