Premier Cash To Pay City's Bills

Last updated : 01 May 2010 By Covsupport News Service
Coventry City Chairman Ray Ranson has said that any money coming from a voluntary increase from the Premier League to clubs in the lower divisions, is likely to go on paying bills rather than bringing in new players.

League Chairmen met yesterday in Leicester to discuss parachute payments and voluntary payments which have been proposed to increase to £2.3m a year for Championship teams, who have not had parachute payments with £325k for League One clubs and £250k for League One sides.

"There were a few concerns with the lower two divisions but I think that ultimately it will go through," said Ray Ranson to the CT.

"The proposal on the table is for Championship clubs to get in excess of £2m, which is the incentive for us to vote it through but there are seventy two members of the Football League and a substantial number voted to try and renegotiate the terms and conditions.

"I don't think parachute payments are fair, but they are part of the Premier League constitution so you have to accept it. That's the situation we have to live with and try and cope with."

Ranson insisted that any money coming from this would not go into buying new players and told the CT: "We know what our budget is. "It is common knowledge that we are losing money so anything extra we get from the Premier League will go some way towards helping cover the wagebill and other overheads."