If Manchester City are relegated from the Premiership - as looks increasingly likely - they will lose at least �8m in television revenue.

City are second from bottom in the Premier League and five points adrift of safety with just five games to go.

Although relegated clubs get a "parachute payment" for the first two seasons after dropping out of the top flight, the difference in money from television rights is substantial.

The minimum that any Premiership club will get from the new TV agreement with Sky and ITV in 2001/ 2002 is �17m.

The most that Manchester City could hope to get in Division One - including their parachute payment of �6m - is �9m.

Gate receipts

City will have been forced to raise players' wages after promotion, especially with new signings, and that could hamper the club financially if they are relegated.

Dan Jones, director of financial experts Deloitte & Touche Sport, said: "This is the same issue that all relegated clubs have to face.

"Do they keep the players on and try to get back up straight away or try to trim the wage bill straight away?"

There is also the unknown of gate receipts.

City have one of the most loyal fan bases in the country and thousands have already signed up for season tickets next season, regardless of what league they are in.

Relegated clubs also find that income from merchandise sales also show a decline.

If City do go down, they must attempt to win promotion back to the Premiership within two years.

If they fail to do so, they will lose their "parachute payment" and the effect of relegation will be even more painful.