Isnt the tv money around £11m?I'm not convinced the Championship is a money-spinner. Players' wages go up, there will have been promotion bonuses, transfer fees go up.
So I guess that a club with a salary cost of £4m in L1 could not heavily compete and hope that with great management and some good loan signings/ free transfers they could have quite a big surplus?
Burton stayed in the Championship for a couple of seasons with apparently a very low budget compared to everybody else.