Saturday, August 1, 2009
EPL Parachute Payments
Reading chairman Sir John Madejski is determined to see the club remain on an even keel. 'Last season we went for broke and over-spent on the budget and we are also now in the last season of our parachute payments (of £11m) from the Premiership.' The club has seen a 50 per cent drop in earnings from hospitality. Watford have had to be paid close to £1m in compensation for new manager Brendan Rogers. Sir John has talked about selling the club in the past, but says it is not for sale at the moment 'as we are still a Championship club.'