He said: “The consequences of relegation are big.
“Purely in TV money, you go from £40million next year for a mid-table Premiership finish, to £1million in the Championship.
“Of course, there would be parachute payments for two years, but within a short space of time you have to try and reconstruct your business with a massive loss of income.
“It also affects all of your sponsor-ship and advertising deals.”
