The 2023/24 Championship play-off final has been and gone, with Leeds losing to Southampton at Wembley Stadium.
Daniel Farke was looking to book an instant return to the Premier League with the Whites, following Leeds’ victory over Norwich City in the play-off semi-finals.
That set up a final against Southampton, the only team that managed to beat Leeds twice during the regular Championship campaign.
While the Yorkshire outfit started strong, a defensive lapse in judgement saw Adam Armstrong capitalise to give the Saints the lead.
Leeds continued to create chances, with Dan James going close by hitting the bar, but it simply wasn’t to be.
With another play-off final in the history books, here’s a look at just how much Leeds lost out on by losing the often-described “richest game in football history”.
How much is the Championship play-off final worth?
The Championship play-off final is often called the “richest game in football” due to how much promotion can be worth to teams.
Deloitte estimates that promotion to the Premier League can be worth at least £170million, while survival for at least one year in the division bumps that figure up to roughly £290million.
The vast difference is often accounting for the change in value for the broadcasting rights in each division, with the top flight selling deals in the billions.
For Leeds and Southampton, the prize of promotion from a monetary perspective is less of a jump, as both teams are receiving parachute payments from their recent relegations.
However, with the payments dwindling year on year, the cost of not earning promotion can be larger.
How much do Championship play-off final losers receive?
While no team wants to miss out on the possibility of earning over £100million more with promotion, the reality is that one team has to.
As a result of facing Wembley heartache, the losing team are often given a share of the winners’ gate receipt money as a kind gesture.
It means that Leeds could receive roughly £2million for being on the wrong side of the tie if that agreement is in place.
Leeds United parachute payments
With Leeds now set for another year in the Championship, attention will naturally turn to the club’s finances and how they can compete again.
Upon relegation, The Whites had three years of parachute payments that are used to help teams adjust to the dramatic fall in revenue between the divisions.
In the first year, clubs are given 55% of the shared revenue, with a drop to 40% for the second year and then 20% in the third year, if the club survived more than one season in the top flight.
It means that Leeds received upwards of roughly £44million for their first year, while next season will see that reduced to roughly £34million.
This gradual decline means Leeds have limited chances to be on a financially higher ground compared to some of their Championship counterparts, with time running out to make the most of it before some key players may be forced to leave.