BURNLEY are set for a record £120million cash boost after being promoted to the Premier League.

The Clarets, who made £30million profit when they were in England’s top league for the 2014/15 season, have received the windfall thanks to the record £5.1billion TV rights deal which comes into effect later this year.

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The 71 per cent increase in media money from the last deal has been hailed as a reason why Burnley could be more likely to survive the drop than their last visit to the Premier League.

The club, which received around £80million when they were last promoted, spent £10.6million on redeveloping the training ground and up to £4million on improvements to Turf Moor.

The Clarets, who revealed that they were debt free when announcing record profits in March, are set to receive the astronomical revenues from next season and for the next few years if they remain in the league.

Next season’s champions will pocket a central cash prize cash of around £150million and the team at the bottom will receive about £100million.

That income does not include any ticket sales, commercial revenue or any sponsorship deals that the club secure.

Chairman Mike Garlick welcomed the financial boost but also cautioned fans against a huge increase in spending over the coming months.

He said: “It’s always a fine line and a hard balance to strike.

“On the one hand we want to go for it and going forward it will be a fine balance as well.

“We want to improve the squad and we want good players in, but the emphasis will be on quality not quantity.

“On the other hand we have to think what happens if we don’t make it?

“There has to be a club around in five years for the fans to follow.

“That’s always tough but realistically from last time we were up we had quite a bit of debt we had to pay back, we had to buy the ground back, redevelop Gawthorpe, all of that has been done and we’re debt free, so it’s fair to say we’ll have an extra pound or two to speculate on our future.

“Whatever division we’re in we try and run that model of being debt free.

“We will try and be sustainable. It’s a nice position to be in and hopefully we can use that to our advantage going forward.

“We always have to keep in mind if things don’t work it that we are sustainable.”

Broadcaster Sky will pay £4.2billion for five of the seven TV packages while rival BT paid £960million for the other two in the record TV rights auction.

The deal will run for three years from 2016.

Sky paid 83 per cent more than it did in the last round three years ago while BT upped its bid by 18 per cent.

BT will pay £320m per season, against £246m per season at present.

Sky will pay £1.392bn per year, or £11m per match, for the right to broadcast 126 live matches, 10 more than currently.

Burnley Council’s leader, Cllr Mark Townsend, said: “It is fantastic for the town and the supporters that Burnley have been promoted back to the Premiership.

“Everyone would be delighted and it is something else to put Burnley firmly on the world stage.”

Cllr Gordon Birtwistle, Liberal Democrat leader and former MP, said: “This is great news for the town.

“It will bring prosperity and put us back on the map.

“It’s great credit for Sean Dyche and all the team.

“It will bring investment to Burnley as it did before.”