The 2023 – 24 EFL Championship began on August 4, 2023, where 24 different teams will be competing in a total of 36 matches to win the finals. Alluring prize money is given to the winning team with other participants receiving interesting payments as well. The 2023 season is the eighth season under the current title and the thirty-second season overall. Read the complete article to learn details about EFL Championship Prize Money 2023 and other interesting details about the tournament.
2023 EFL Championship Prize Money
Every year, the teams fight in the EFL championship to get into Premier League. Other than a rise in status, another motivation factor for winning the tournament is the whopping prize money that comes with the win. Often referred to as the ‘richest game in football’, the tournament also offers great financial incentives to the winner. The 2023 EFL Championship prize money granted to the winning team will be £100,000 (US$125,000). The runner-up team will be awarded half the winner’s amount, i.e., £50,000 (US$62,000). In addition to this, they will get cash prizes in the form of TV rights, sponsorship deals, and new revenue streams that can vary from season to season. The teams who are relegated in the tournament will receive a prize money of £7,000 (US$8,628).
Parachute & Solidarity Payments
Other than championship prize money, the EFL tournament also has provisions for parachute and solidarity payments. Here’s how these payments are made to the different participating teams.
The teams who are relegated, or demoted, are offered a payment known as a parachute payment in addition to the prize money. This payment is offered to the teams in order to break their falls. Parachute payments are derived from the equal share of the Premier leagues’ dividend generated from TV or broadcast revenue. The initial payment is 55 percent of what the teams would have picked up in their first season back in the Championship. The payment drops to 45 percent in the second year and eventually 20 percent in the third year, given that the team stays in the premier league for more than one season.
Check: US Open Prize Money
Next comes the solidarity payments which are given to the teams who do not receive parachute payments. The solidarity payment is measured as a percentage of the third-year parachute payment which itself depends on the broadcast revenue. Distribution of solidarity payments is done on the following criteria- the champions are offered 30 percent of the amount while League One and League Two are offered 4.5 percent and 3 percent respectively.
More About EFL Championship
The English Football League Championship is the highest-level tournament of the English Football League (EFL). Also known as the Championship in England, EFL is also the second-highest football league system based in England, only after the Premier League. The championship was introduced in the year 2004 and the Sunderland club was the first ever winner of the tournament. A total of 24 clubs are a member of the league who compete with each other for promotion to the Premier League. The top two finishing teams are promoted to Premier League whereas the three lowest-finishing teams are relegated to League One.
EFL Tournaments & Winning Clubs
|2004 – 05||Sunderland|
|2005 – 06||Reading|
|2006 – 07||Sunderland|
|2007 – 08||West Bromwich Albion|
|2008 – 09||Wolverhampton Wanderers|
|2009 – 10||Newcastle United|
|2010 – 11||Reading|
|2011 – 12||Reading|
|2012 – 13||Cardiff City|
|2013 – 14||Leicester City|
|2014 – 15||Bournemouth|
|2015 – 16||Burnley|
|2016 – 17||Newcastle United|
|2017 – 18||Wolverhampton Wanderers|
|2018 – 19||Norwich City|
|2019 – 20||Leeds United|
|2020 – 21||Norwich City|
|2021 – 22||Fulham|
|2022 – 23||Burnley|
Frequently Asked Questions
Answer: National Football League (NFL) is the American football league and the richest in the world.
Answer: Yes, English Football League is the richest football league in Europe followed by the Spanish and the German leagues.
Answer: Faiq Bolkiah
Answer: No, but it is definitely one of the highest-paying sports in the world.
Answer: £2 million