The financial rewards of being the in the top league in England are astronomical, with the play-off final being billed as the £120 million game. 

Don't think though, that club's will just receive all that money at once though so they can freely spend on what they see fit. 

They receive the money at different parts of the year; this is why it is such a gamble for clubs coming up. If they spend big and the season does not go well for them then they need to ensure they can get rid of the players who are on bumper pay deals or recoup the money. 

Luckily for them this is now further helped by the new 'Parachute Payments' given to clubs that are relegated to the second tier of English football, according to BBC Sport the payments are in excess of £60 million over four years.

With newly promoted clubs having more pressure on staying in the English Premier League because of the financial gain year on year you tend to see them spending more money on transfer fees and wages as soon as they come up. 

A good example of this is West Ham United’s signing Andy Carroll on loan. I am not saying the three teams need do that as such but it shows how in previous years clubs have felt like they needed to invest.

In terms of spending money in the transfer market, clubs in previous years have spent a lot and some clubs have changed very little. 

The key is to find a balance by strengthening your squad whilst still keeping the team stable and not needing too long to gel together. QPR overhauled the squad with over a dozen signings yet struggled to remain in the top flight before being relegated this season. 

I have always thought it must be very tempting to a manager of a promoted team to not buy players from abroad that he has always wanted but may not have been able to afford in the Championship. However, an essential trait for a newly-promoted team is to have Premier League experience in your side.

Cardiff, Crystal Palace or Hull should be looking at some of the free agents that are on offer also. Some players who are rich in experience and who could provide the dressing room with what it needs when the going gets tough.

Players in the English Premier League out of contract this summer include:

Chris Brunt
Andrey Asharvin
Maynor Figueroa
Danny Simpson
Carlton Cole
Mladen Petric
Richard Dunne
Jermaine Pennant
Yossi Benayoun
William Gallas
Steven Reid
Zoltan Gera
Noel Hunt

That is to name a few. There also players who have played in this league and who have proven their quality available on the cheap such as Shay Given (Aston Villa) and David Bentley (Tottenham Hotspur). I think these are players that Cardiff, Crystal Palace and Hull should be looking at before they look to sign big money players. 

I am also not saying that you cannot find value abroad because obviously you can, look at £2 million man Michu who has scored 18 goals in the league this year for Swansea, possible the buy of the season.

The year Norwich City came up they had spent in the region on £13 million but they got 10 players for this. Eight of those players were from the U.K, which helps when you are trying to stay in the league as foreign players may struggle to adapt. Norwich City finished 12th in their first season back in the top flight.

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