English Premier League's Relegated Clubs To Receive $92M 'Parachute Payments'
Football clubs relegated from the EPL will receive in excess of £60M ($92M) "over a four-year period from next season," according to the BBC. The EPL has agreed to new parachute payment arrangements, "although it is yet to confirm the exact figure." Clubs relegated to the Championship currently receive £48M ($73M) over four years. Parachute payments "were introduced to help relegated clubs absorb the huge losses in revenue that accompany dropping out of English football's lucrative top division." The new deal "will remain in place for the next three years" and replaces a deal agreed upon in '10. The revised payments meant that instead of clubs relegated from the EPL receiving £16M ($24M) a year for two years, they received the money over four years -- £15M ($22M) for the first season, £17M ($26M) for the second and then a further two payments of £8M ($12M) per season (BBC, 4/16).