As one of the 'big six', the financial impact of relegation could be very serious:
- Around £125m of PL prize money lost
- Probably many fans won't renew at their ridiculous prices, or they'll have to lower them. Potentially another £25m lost.
- Sponsorship agreements lost or dramatically reduced, so possibly £30m or more in Commercial revenue lost.
Their revenue could be cut in half. It's not like Burnley, or someone like that, where a season in the PL is a bonus and they can survive back in the Championship because their expenses are manageable. They may need to go through a complete retrenchment, and if they don't get back at the first attempt they could be in serious trouble.