Is it though? You don’t actually receive that amount of money until the end of your first season up there. So you spend to try to stay up, fail, and that cash cow you have relied on becomes a white elephant.. it becomes money you’ve spent before you’ve got it. If you build a young side until they’re good enough, then they become part of that and their value becomes part of the investment. You don’t just get “given” £100+m by getting promoted,
Oh and not to mention that the players would also want an extra few million a year each. All eats away at that prize money