Premier League increase parachute payments

Premier League increase parachute payments
© PA Photos
Relegated clubs will receive £60m in parachute payments under a new agreement made by the Premier League.

Clubs that suffer relegation from the Premier League will receive around £60m over a four-year period.

At the moment, teams that fall into the Championship are given £48m over the same time period.

However, while the exact figure is yet to be confirmed by the Premier League, parachute payments will increase by around £12m starting at the end of the current season.

The new payments are part of a three-year agreement, which will be reviewed when it expires in 2016.

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