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The financial cost of relegation

From the Telegraph: "Sunderland, once known as the Bank of England club, are worth a mere £2.6 million, which is less than the annual wage bill for Manchester United defender Rio Ferdinand."

Sunderland were relegated from the Premier League a few season's back. The 2.6 million may be more than Leeds and Coventry fetched when they went through bankruptcy due to the same event. All these clubs have a long history of top flight football in England, and probably wish they were playing in a U.S. style league, where the financial penalty for losing is not so severe.