Championship clubs' collective wage bill reached a record £903m in the 2024-25 season, as detailed in Deloitte’s latest Annual Review of Football Finance. This figure represents 96% of the 24 clubs' combined revenue of £942m.
The pursuit of Premier League promotion is driving significant spending, with the collective net debt for Championship clubs recorded at £1.4bn at the end of 2024-25, a reduction from £1.5bn a year prior.
With the Championship playoffs expanding this season to include teams finishing between third and eighth, the temptation for club owners to increase financial risk in the hope of promotion is likely to grow. Deloitte estimates that newly promoted clubs could see their revenue rise by at least £210m over the next three seasons.
However, this ambition carries risks. Thirteen clubs, more than half the division, spent more on wages than they earned in 2024-25. Cardiff, for example, spent £39m on salaries against £26m income, resulting in a 150% wages-to-revenue percentage and a bottom-of-the-table finish.