Accrington Stanley chairman Andy Holt has launched an explosive attack on the parachute payment system, calling it 'a mug's game'.

Holt is the man in charge of the League One club but took to social media to express his true feelings on the disparity in finances between fellow clubs in the Championship and below.

Watford and Norwich City have already secured automatic promotion from the Championship and will make an immediate return to the Premier League next term.

After being relegated last season, both clubs are receiving substantial sums in the Premier League's parachute payment scheme which intends to bridge the financial gap between England's top two divisions.

But according to Accrington chairman Holt, it just means that chances of securing promotion for the 21 teams who haven't just been relegated is minimal at best.

Taking to Twitter, Holt said: "Because Norwich City and Watford have gone back up to the Premier League via the rigged parachute set up, the other 22 clubs are blowing nearly £500m a year in losses chasing ONE single place.

"Four in playoffs, one of which has rigged parachute cash. Mugs game. Wake up guys."

The verdict

While the facts in Andy Holt's message are disputable, you can understand the frustration.

Finances in the English game have been a huge talking point for many years now with many not happy at how the wealth from the Premier League is filtered down to clubs in the EFL.

There's certainly a case for reform in the English game but perhaps a social media message like this isn't the way to do it.