Premier League TV revenue exceeds £10bn for first time as winners set for record prize money

Premier League TV revenue has exceeded £10billion for the first time ever after a historic deal was clinched with overseas broadcasters.

The knock-on effect will see clubs earn an extravagant amount of cash through prize money - including the last-placed team earning over £100million at the end of the season.

The deal will come into place next year after a huge bidding wars in America and across the globe, report the Telegraph.

Executives from all 20 clubs met in a London hotel this week as the news was broke that a booming market in the United States has contributed to a significant rise in TV money.

The overall increase will see an added £1.2bn from £4.1bn to £5.3bn while a rollover deal with the government remains at £5.1bn.

With an extra £120m in commercial and sponsorship contracts, it takes the total amount of money coming in to the Premier League to £10.5bn - a new record.

And subsequently, whoever finishes bottom of the Premier League will be entitled to £106m in prize money - an increase from £98m.

The champions will receive £176m while the football pyramid will earn a total of £1.6bn in handouts.

Further talks are set to be held over how best to deal with parachute payments, usually given out by the league to support clubs that are relegated.

This deal brings unprecedented wealth to the Premier League, defying the Covid-related busts across the sport around the world.

Premier League chief executive Richard Masters saw off a ‘Big Six’ rebellion in a new formula to distribute wealth from TV income.

The new system will see half of the extra cash split equally among the clubs, meaning a basic payment has gone up from £48m to £56m.

However, the rest will be divided up on merit with the champions reaping the