Missing out on promotion to the Premier League was a huge setback
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Middlesbrough missed out on a potential £365million windfall after their Championship play-off final defeat against Hull City, a new report has revealed.
The Teessiders suffered heartache at Wembley in May as Kim Hellberg's side lost to Hull in the dying seconds to lose out on a place back in the
Premier League.
The 35th edition of Deloitte’s Annual Review of Football Finance claims that
Boro would have secured at least £210m in revenue across the next three seasons if they had been promoted - and that figure would rise to £365m if they avoided relegation in their first season back in the top flight.
Deloitte also highlighted the huge revenue to wage cost ratio problem most Championship sides are enduring, with scary figures showing just how precarious some clubs' positions are - with Boro among those spending more than they are making.
The numbers show just how transformative promotion would have been for
Steve Gibson, who continues to bankroll his boyhood club and cover the ongoing losses,
with Boro recording a £11.4m pre-tax loss last year.
The report said: "Following their return to the top-flight after a 25-year absence, Coventry City can expect a revenue uplift of at least £210m across the next three seasons, based on projected increases in matchday, broadcast and commercial revenue.
"The other club that secured automatic promotion, Ipswich Town, may anticipate a minimum boost of £170m – this figure is comparatively lower as they were in receipt of parachute payments during the 2025/26 season, following their relegation from the Premier League in 2024/25.
"These figures could rise to £365m and £325m respectively, should both clubs avoid relegation after their first season in the Premier League.
"Amidst the controversy surrounding this year’s play-offs, Hull City ultimately defeated
Middlesbrough in the final at Wembley to secure the final promotion place. As they were not in receipt of parachute payments during the 2025/26 season, they should expect to see uplifts similar to those of Coventry City.
"This season marked the final instance of the four-team playoff format, with the competition set to expand to six teams from next season onwards. This means that teams finishing in seventh and eighth will now also have the opportunity to compete for the oft-titled ‘biggest prize in football’.
"Clubs will welcome these improved odds of securing a place in the EFL’s post-season leg, especially with the 2025/26 season bucking the recent trend of all three teams going straight back down. Although Burnley were relegated, Leeds United secured a 14th place finish, whilst 2024/25 play-off winners Sunderland became only the fifth promoted club to qualify for Europe through league position in their first season back in the Premier League, following their seventh place finish.
"Should any of the clubs promoted for 2026/27 follow in Sunderland’s footsteps, they can expect returns far beyond the minimum uplifts quoted above."
On revenue for the 2024/25 season, Middlesbrough's income was joint 10th highest in the Championship, behind the likes of Leeds United, Sheffield United and Sunderland. However, their £34m revenue was also below relatively smaller clubs like Luton Town - whose figures were boosted by parachute payments - Bristol City and Stoke City, and on par with Coventry.
It showcased the need to keep growing commercial income, while also keeping a tight rein on salaries. Wage costs for the year were £36m, meaning Boro had a 108% wages to revenue ratio - above the 96% average for the division.
The Deloitte report added: "Championship clubs’ wage costs grew marginally to a record £903m in 2024/25, up 1% on 2023/24 (£894m). This marked the second consecutive season in which wage costs increased, following four seasons of reductions, and saw Championship clubs’ average wages/revenue ratio increase to 96% (2023/24: 93%).
"Thirteen clubs reported a wages/revenue ratio exceeding 100%, compared to 11 in 2023/24."
