Middlesbrough Lose Out on Major Financial Boost as New Deloitte Report Highlights Derby County’s Championship Spending
A newly published Deloitte Annual Review of Football Finance has shed light on the financial realities of Championship clubs during the 2024/25 season, revealing the significant economic consequences of promotion and the growing financial pressures faced by teams across the division. Among the biggest losers were Middlesbrough, whose heartbreaking defeat to Hull City in the Championship play-off final denied them a return to the Premier League and a substantial long-term financial windfall.
Middlesbrough’s promotion hopes came to an agonising end at Wembley Stadium in May when Kim Hellberg’s side conceded a late goal to Hull City, allowing the Tigers to secure the final promotion place. While the sporting disappointment was immense, the financial implications proved to be equally significant.
According to Deloitte’s latest report, Middlesbrough would have been in line to generate a minimum of £210 million in additional revenue over the next three seasons had they secured promotion. This projected increase would have been driven by higher broadcasting income, greater commercial opportunities, and increased matchday revenues associated with competing in the Premier League. Furthermore, if the club had managed to avoid relegation during their first season back in the top flight, the total financial benefit could have risen to approximately £365 million.
The report also highlighted broader concerns regarding the financial sustainability of Championship clubs, particularly the increasing imbalance between club revenues and wage expenditure. Many clubs continue to spend heavily on player salaries in pursuit of promotion, often committing more money to wages than they generate through their normal football operations.
Derby County’s financial figures illustrate this trend. During the 2024/25 campaign—the club’s first season back in the Championship following promotion from League One—Derby recorded revenues of approximately £32 million. Their wage bill was almost identical, resulting in a wage-to-revenue ratio of 99 percent. Although this was only slightly above the Championship average, it still exceeded the division’s overall figure of 96 percent, highlighting how little financial margin many clubs operate with.
Middlesbrough’s financial position appeared even more stretched, with wages amounting to 108 percent of their annual revenue. However, they were not the division’s highest spenders relative to income. Cardiff City, who ultimately suffered relegation, recorded the most concerning figure with a wage-to-revenue ratio of 151 percent. Hull City followed with 142 percent, despite their successful promotion campaign, while Sunderland posted a ratio of 134 percent after securing promotion through the play-offs. Swansea City completed the list of the highest spenders, recording a ratio of 133 percent.
Deloitte’s report revealed that Championship clubs collectively spent a record £903 million on wages during the 2024/25 season, representing a modest increase from the £894 million recorded the previous year. This marked the second successive season in which wage expenditure had risen following four consecutive years of reductions.
As a consequence, the Championship’s average wage-to-revenue ratio increased from 93 percent in 2023/24 to 96 percent in 2024/25. Deloitte also noted that 13 clubs reported wage bills exceeding their total annual revenues, compared with 11 clubs during the previous campaign. These figures underline the increasingly risky financial environment in which many Championship sides operate as they chase Premier League promotion.
The report further emphasised the enormous financial rewards available to clubs that successfully reach the Premier League. Coventry City, who secured the Championship title under manager Frank Lampard, are expected to receive at least £210 million in additional revenue over the next three seasons following their return to the top flight after a 25-year absence. This projection is based on anticipated growth in television broadcasting income, commercial partnerships, sponsorship deals, and matchday earnings.
Ipswich Town, who also earned automatic promotion, are forecast to receive a minimum financial uplift of £170 million. Their projected increase is lower because they were already benefiting from Premier League parachute payments following relegation during the 2024/25 season. Deloitte estimates that both Coventry and Ipswich could increase these projected earnings substantially—to approximately £365 million and £325 million respectively—if they avoid immediate relegation after their first Premier League campaign.
Hull City’s dramatic play-off victory over Middlesbrough places them in a similar financial position to Coventry. Having not received parachute payments during the previous season, Hull are expected to enjoy a comparable financial uplift as they prepare for life in the Premier League.
The report also pointed to a significant structural change in the Championship play-off system. The 2025/26 season represented the final campaign under the traditional four-team format. Beginning next season, the play-offs will expand to include six clubs, allowing teams finishing seventh and eighth to compete for promotion. This change increases the number of clubs with a realistic opportunity to reach the Premier League and compete for what is often described as the most financially valuable prize in football.
Deloitte suggested that Championship clubs are likely to welcome the expanded play-off format, given the enormous financial incentives attached to promotion. The report also observed that the 2025/26 Premier League season broke the recent pattern of newly promoted clubs suffering immediate relegation. Although Burnley returned to the Championship, Leeds United secured a respectable 14th-place finish, while Sunderland enjoyed an outstanding campaign by finishing seventh and qualifying for European competition. Sunderland became only the fifth newly promoted club in Premier League history to secure European qualification through league position during their first season back in the top division.
Should any of the clubs promoted for the 2026/27 campaign replicate Sunderland’s achievement by establishing themselves in the Premier League, Deloitte believes their financial returns would significantly exceed the minimum revenue projections currently estimated, further illustrating the enormous economic value of sustained success at the highest level of English football.
