Championship clubs’ wage spending reached a record £903m in 2024-25 as owners pursued the financial rewards of Premier League promotion. The expansion of the playoffs is expected to intensify that gamble, because more clubs will believe promotion is within reach, despite the substantial financial risks for teams without top-flight income.

The division’s 24 clubs generated £942m in revenue, meaning wages absorbed 96% of income, while collective net debt stood at £1.4bn. Thirteen clubs spent more on wages than they earned; Cardiff had the highest ratio at 150%, spending £39m on salaries from £26m of income and finishing bottom. Deloitte estimates promotion could raise Coventry and Hull’s revenue by at least £210m over three seasons, potentially reaching £365m if they remain in the Premier League.