Sheffield United, Sunderland discover exact value of Premier League promotion after "no excuse" verdict

When Sheffield United and Sunderland get their play-off final under way at Wembley Stadium tomorrow afternoon, the eyes of the footballing world will be on a game commonly known as one of the richest on the planet. The pot of gold at the end of the rainbow is only increasing, too, with a share of a new domestic TV deal worth £6.7bn across four seasons at stake.

United, still in receipt of Premier League parachute payments from last season in the top-flight, will arguably not have a better chance than this as the amount of money they receive decreases with each year they spend in the Championship.

Boss Chris Wilder has gone on record already this season to insist that United do not “need” to get promoted to preserve their financial future but there is little doubt that any club would be better off in the Premier League than out of it. Estimates on the worth of promotion always differ - the BBC, for instance, put it this year at £200m - but Dr Rob Wilson, a football finance expert from University Campus of Football Business, put it more conservatively.

"The EFL Championship final is largely regarded as the richest game in football,” he said via OLBG, “and that's because of the price tag that comes with it. The winner will be earning at least £120million from their promotion to the Premier League.

"That's the Premier League payments with regard to its broadcast deal. Depending on how they participate next season will determine how much they completely earn. So you will see reference to £170million in other news outlets but that £170million actually factors in three seasons worth of parachute payments - which I always exclude from the calculation because hopefully when a club gets promoted, they stay promoted.

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"So it's £120million on a recurring basis. So if you were to get promoted, [you’d get] £120million if you stay up in the Premier League. The following season, it's another £120million and another £120million.

"So actually you could be earning, you know, multiple hundreds of millions of pounds. Most of that money, as I say, comes from Premier League TV and central payments and you're also going to be able to bake in there some commercial and sponsorship opportunities as well.

“So a huge game for both clubs. In terms of who needs it more, I think it would be fair to say that Sunderland are perhaps operating on a much tighter budget as a consequence of some of their financial challenges over recent years.

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"The fan base obviously is yearning for some more top-flight football after I think it's about a decade out of a competition. Promotion would naturally transform the financial future of the football club.”

The Blades reduced costs on their wage bill after relegation last season in the form of automatic salary cuts, but there is a natural fear that another season in the Championship could see some of their prized assets - including Vini Souza, Anel Ahmedhodzic and star man Gus Hamer - move on.

"The parachute payments have obviously cushioned their landing in the Championship this year and that transition back to the Premier League will perhaps protect some of the asset value,” added Wilson. “And of course, we saw a change of ownership for Sheffield United recently.

Sheffield United “three times more likely” to get promoted than Sunderland - finance expert

“One of the things I think we also should say about this is as a result of parachute payments, it's interesting again that this year, two of the three relegated clubs from last season have already been promoted.

"In my view, it's likely that Sheffield United should really be promoted and that's because parachute payments are so significant in the Championship that they enable the clubs that are in receipt of them to be three times more likely to be promoted.

"So with the greatest respect to my neighbours at Sheffield United, they have no excuse not to win that play or finally get re-promoted. In terms of who needs it more, I think for Sheffield United, given the wages that they have on the books of the club, [promotion] is very, very important from a financial perspective – but Sunderland would find the money in the Premier League and winning the play-off final to be transformative in strategic terms."