May 30 – From non-league football to the Premier League in nine years.
As fairytale stories go, they don’t come much more remarkable than Luton Town’s ascendency to the English top flight after the unheralded club won promotion at the weekend.
Having finished third in the Championship, Luton beat Coventry City on penalties in the playoff final Wembley on Saturday – the sport’s so-called richest single game – to take their place in the top flight for the first time in 31 years.
Billed as the biggest financial prize in world football for a one-off match, the winners of Coventry City vs Luton will see an increase in revenue of at least £170 million across the next three seasons. That figure could rise to more than £290 million if they survive the first season in the Premier League, according to analysis by the Deloitte’s Sports Business Group.
Broadcast rights revenue for the 2023/24 season will net the club about £90 million. And if they are relegated after just one season, parachute payments in 2024/25 and 2025/26 will be worth about £80 million.
It is a far cry from 13 years ago when the club struggled to survive after being hit with a 30-point deduction for financial irregularities committed by previous owners. Yet here they are about to compete with some of the biggest names in football.
“We realise it’s going to be the biggest challenge ever. It’s the best league with the best managers, the best players. We know how tough it is going to be,” said manager Rob Edwards.
Luton’s Kenilworth Road ground will be the smallest stadium in the division with a capacity of just over 10,300 – acceptable for when they were in the fifth tier a decade ago but hardly when competing in the Premier League.
The club will spend £10 million on improvements before the new season kicks off in August at a ground that nestles in the midst of terraced homes but will soon welcome the likes of Manchester City, Manchester United, Liverpool and the rest of the Premier League’s big boys.
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