How much is the Championship playoff final worth? Prize money for promotion as Luton Town prepare to 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 funds that come with winning the Championship playoffs.

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 transpire from becoming a Premier League club. With the league generating so much cash from TV revenue, even the team who finish last are 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 final. This figure is dependent on non-TV agreements.

What are Premier League parachute payments?

To help teams who get relegated to the Championship adjust to the lower revenue streams, the Premier League offer clubs parachute payments.

These could last up to three years for each side, depending on how long they spent in the Premier League, and is said to be worth close to £30m per year to clubs on average over the past few seasons.

The EFL want to abolish the payments in order to distribute more money further down the English football pyramid, but the Premier League argues it helps clubs 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 were last team to earn promotion to the Premier League through the playoffs, and they have secured their status in the competition for another season.

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