Parachute pay increases to £60m for relegated Premier League clubs

Clubs relegated from the Premier League will receive more than £60m over a four-year period from next season.

The Premier League agreed new parachute payments for the next three years, although it has yet to confirm the exact figure, while the issue of solidarity payments to the Football League clubs is still to be finalised. Parachute payments are made to relegated teams to soften the financial blow of demotion.

Premier League clubs are set for an increase in television income from next season, with revenue from domestic and global TV rights deals on course to top £5bn.

The parachute payments used to be paid over two seasons, but are now spread over four after a Football League vote in 2010. Relegated clubs currently receive £48m over four years.