Promoted Crystal Palace urged to follow Swansea's example

Kevin Phillips' penalty winner is set to ear Palace £120million windfall

Crystal Palace have been advised to be prudent in the Barclays Premier League after winning promotion to the top flight with victory in yesterday's npower Championship play-off final.

Kevin Phillips' penalty winner earned Palace a 1-0 Wembley win over Watford and the accompanying £120million windfall.

But rather than spend, spend, spend, football finance expert Professor Tom Cannon of the University of Liverpool believes Palace should follow Swansea's example.

"Swansea are the role models for anybody who wants to survive, prosper and not go bankrupt," Cannon told Press Association Sport.

"What's got you promoted will probably, in terms of the operation of the club, get you to survive.

"The temptation is to desperately plan as if you're going to compete, but you have to plan for relegation; don't plan for winning the Premier League.

"You've got to be very clever in the transfer market. You've got to make absolutely certain when signing players that you sign players with contingencies. And the motivation powers of your manager become crucial.

"Ian Holloway has a good reputation for being able to motivate players. He did that with Blackpool, at least initially."

More than half of the sides promoted to the Premier League through the play-offs have been relegated the following season, including Holloway's former club Blackpool.

Holloway knows his management credentials - squad recruitment, man-management and tactical nous - will be fiercely tested as Palace attempt to beat the odds, with numerous examples of what can go wrong.

Even if Palace finish bottom of the Premier League next term, they will receive £60m in TV revenue - more than £25m more than in the current TV deal - and a further £60m in parachute payments.

The money is no guarantee of long-term prosperity, said Cannon, pointing to the examples of Wolves, Birmingham and Portsmouth, who recruited heavily, with high wages, and are now a long way from the top-flight.

"If you start looking at who has gone into administration, an awful lot of clubs went into administration despite parachute payments," Cannon said.

"Birmingham and Portsmouth both benefited from parachute payments, but had so exposed themselves when in the top flight that actually those parachute payments...it's easy for that money to go."

PA

Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

Scientists hail daily pill that protects against HIV infection

Breakthrough in battle against global scourge – but will the NHS pay for it?
How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

Time to play God

Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

MacGyver returns, but with a difference

Handyman hero of classic 1980s TV series to be recast as a woman
Tunnel renaissance: Why cities are hiding roads down in the ground

Tunnel renaissance

Why cities are hiding roads underground
'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

Boys to men

The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
Crufts 2015: Should foreign dogs be allowed to compete?

Crufts 2015

Should foreign dogs be allowed to compete?
10 best projectors

How to make your home cinema more cinematic: 10 best projectors

Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

Manchester City vs Barcelona player ratings

Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

Monaco: the making of Wenger

Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

Chris Gayle: The West Indies' enigma

Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
In Ukraine a dark world of hybrid warfare and murky loyalties prevails

In Ukraine a dark world of hybrid warfare

This war in the shadows has been going on since the fall of Mr Yanukovych
'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

Homage or plagiarism?

'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
Broadchurch ends as damp squib not even David Tennant can revive

A damp squib not even David Tennant can revive

Broadchurch, Series 2 finale, review
A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

Inside the mansion of Germany's 'Bishop of Bling'

A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower