How much is the EFL Championship playoff final worth? Prize money for promotion as Luton Town face Coventry City

Luton Town and Coventry City are set to put it all on the line as they look to win the EFL Championship playoff final and secure promotion to the Premier League.

Coventry have not been in the Premier League since the 2000/01 season. They beat Middlesbrough in the semi-final to reach this stage, despite finishing below them in the regular season.

Luton missed out on competing in the first Premier League season after top-flight relegation in 1991/92 and they have not returned to the top tier since. They beat Sunderland to reach the Wembley showpiece. Both finalists were in League Two in 2018, showing their remarkable journey to this point.

The Sporting News looks at the windfall that will be coming to one of these two teams by virtue of winning the EFL Championship playoff final.

MORE: Coventry City's history in the Premier League ahead of 2023 playoff final

How much is the Championship playoff final worth?

Due to the final incentives on offer for the winner, the Championship playoff final is often called the 'richest game in football'. Although the money does not come all at once, it can be a huge boost for the promoted side.

Most of the financial gain comes from TV rights, sponsorship deals and new opportunities that result from becoming a Premier League club.

With the league generating so much cash from global TV revenue, even the team that finishes last is guaranteed £100million ($125m). 

Figures from Deloitte, who analysed the 2020 playoff final between Fulham and Brentford, estimated that a club could earn between £135m to £265m ($170m to $333m) more in revenue by winning the playoff final. This figure also factors in non-TV revenues.

What are Premier League parachute payments?

The financial picture in the Premier League is so different that the Premier League has instituted a system to help teams who get relegated to the second-tier Championship and ensure they can properly transition and adjust to the lower revenue streams.

Parachute payments are available for the clubs that are relegated to help offset the precipitous drop in revenues. 

These could last up to three years for a relegated team, depending on how many seasons they spent in the Premier League, and it is reportedly close to £30m per year on average over the past few seasons.

The EFL want to abolish the payments and instead distribute more money to more clubs further down the English football pyramid, but the Premier League argues the safety net of the parachute payments incentivizes clubs to be competitive once achieving promotion.

MORE: Premier League promotion odds for 2023 Championship playoffs

Which teams have been promoted to the Premier League via the playoffs?

Nottingham Forest earned promotion to the Premier League through the playoff final in 2022, and they also managed to avoid relegation in their first season back, assuring they'll be playing Premier League football once again in 2023/24.

Swindon Town were the first side to win the Championship playoff final following the inaugural season of the Premier League. West Ham have won the final twice since 2000, including the 2012 edition.

Teams promoted to Premier League (since 1992/93)