Finance expert on how many millions Sheffield Wednesday stand to gain if they win promotion

Football’s richest game may be the Championship play-off final that was played out yesterday at Wembley.

But there is still a considerable pot of gold awaiting Sheffield Wednesday if they can seal victory in the League One showpiece on the same plot of hallowed turf.

The Owls face Barnsley in Monday’s final with the chance to not only move up a step on the English football ladder but also increase the coffers at Hillsborough.

It’s been a tough few years at the club, with the financial pressures pre-dating their relegation from the Championship. And before that there was the Covid pandemic which decimated the club’s income streams.

Now though, they are just one win away from a step back up the pyramid. With that in mind, Yorkshire Live has spoken to Kieran Maguire, the respected football finance expert, to get an insight into how the finances at S6 could look should Wednesday seal elevation.

Positives

It goes without saying that Wednesday want to be plying their trade in the Championship as opposed to League One.

There are more eyeballs focused on the second tier and so-called bigger clubs. You only have to look at the the teams set to come from the Premier League this season, says Maguire.

He also highlights the obvious boost in TV money, with Sky Sports sometimes showing as many as three Championship games over the course of a weekend whilst every midweek match is available on its red button service.

Maguire says: “The obvious benefit to being higher up is that teams in the Championship get 80 per cent of broadcast money, whilst teams in League One only get 12 per cent.

“If Wednesday are successful at Wembley, then their TV income will shoot from around about £1.5million to £8million – that’s a significant step-up.

“There’s also a new TV deal with Sky starting in 2024/25 and so put that together and it’s the thick end of a £10m increase. It’s going to be assist the club. That’s the positive. Another is that next season there are some decent-sized teams in the Championship. Southampton are down and then two from three of Everton, Leicester and Leeds.

“Those games will sell out in terms of away fans and if Wednesday make a good start to the season then I think Hillsborough will be full to the rafters.”

Negatives

When it comes to the negative aspect of returning to the Championship after a two-year absence, Maguire highlights wages as the obvious concern.

“The average wage in League One is around £2,500 per week although I appreciate Wednesday will be one of the big-hitters in that league.

“You then go up to the Championship and Fulham, who won the title last year, had an average of £40,000 per week. This is for the second tier of football! You had Bournemouth and Fulham both promoted last term with squads that cost them more than £150million. Wednesday’s is in single millions.

“In that respect it’s a bit like a stream meeting an ocean and you get stuck in the middle of that.

“Having said that, there’s no reason why Wednesday cannot be competitive. Look at Luton and Coventry this year especially. Whilst the numbers might seem intimidating, it’s a case of spending smarter.”

Future concerns?

Some fans have speculated that should Wednesday not be promoted then they may well fall foul of the EFL’s financial rules – something that happened a few years back and resulted in them being docked 12 points (later halved to six). Maguire sees no reason why there should be any concern – although he notes that the club are yet to release their latest set of accounts.

He adds: “On my figures, they have a lot of wiggle room. The threshold is £39million and then there is Covid allowances, infrastructure allowances and so on. They have a degree of flexibility there.

“We’ve not seen their accounts as they’ve asked for an extension to publish them which is perfectly legal but in terms of getting the fans’ confidence back, then if they’re doing a good job then why not get the good news out there?”