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The English Premier League has agreed a deal that will see relegated clubs receive in excess of £60 million in parachute payments over a four-year period from next season, according to BBC Sport.

The Premier League is yet to confirm the exact figure, but the new deal will apply over the three-year window coinciding with the League’s new broadcast rights deal. Clubs relegated to the Championship currently receive £48 million over four years, £16 million per season over the first two campaigns followed by £8 million apiece in the final two years.

The Premier League secured a huge 70% rise in the value of its domestic broadcast rights in June 2012, with BSkyB and BT splashing out a combined £3.018 billion in an agreement spanning the 2013-14 and 2015-16 seasons. The massive increase in the value of the League’s media rights, which will be further swollen by overseas contracts, has placed even greater importance on teams retaining their top flight status this season. Wigan Athletic, Reading and Queens Park Rangers currently occupy the bottom three places as the 2012-13 season enters its final stages.

Speaking at the Soccerex European Forum last week, Spanish Football League (LFP) chief executive Francisco Roca explained that a major disadvantage of Spanish football’s current broadcast model is that the League cannot employ its own parachute payment system for relegated teams. “We don’t have parachute payments like you do in the Premier League,” he said. “If you get relegated in England, it is difficult but in Spain, it is catastrophic. You don’t even get 10% of the revenue you used to have. We have doubled that amount, but we have to do more. Relegation is a major problem in terms of the financial stability of Spanish football.”

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