Blackburn Rovers have been warned they face a race against time to catch up with the Premiership gravy train.

North West-based James Dow of the Institute of Chartered Accountants says the Premier League cash boom is set to continue, widening the gap between clubs which are in it and those outside it.

A specialist in sports finance, Mr Dow said: "Blackburn Rovers have got to get back straight away. Relegation means the loss of about £10 million revenue, but if their cost base stays the same, the club has to fund that loss, and things are changing all the time."

Last year's Premier League turnover was a record £569 million - an increase of more than 20 per cent on the previous year. Mr Dow says turnover will continue to grow, driven mainly by television rights. "What lies ahead is another period of strong inflation," he said.

"Overseas TV deals have improved, and the arrival of digital TV will take us into a second phase in which operators will be trying to steal subscribers from one another."

Mr Dow said their main weapon was sport, and Premier League soccer was the most potent lure of all - but at a cost. He explained: "Ultimately, they will have to pass through the inflation in terms of pricing their product, which will mean a hike in charges." As the gulf between the wealthy clubs and the others widens, Mr Dow said there was also the threat of a two tier Premier League, which could be accelerated by the Office of Fair Trading decision on the collective selling of TV rights expected on Wednesday.

"How quickly that develops will depend largely on the OFT decision. If they decide it is anti competitive, the top clubs, and particularly those in European competitions, will sell their rights individually and very profitably."

There will, however, be one certain winner next season - the Chancellor of the Exchequer.

Last year, the treasury collected a massive £150 million from Premier League clubs, a figure which is certain to rise steeply.

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