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addaword.gifdefinition of parachute payment

noun
money that is given to teams who are relegated from the Premier League in English Football, to compensate them for expected loss of earnings from television rights etc
The Premier League has agreed new parachute payment arrangements, although it is yet to confirm the exact figure.
Submitted from United Kingdom on 08/05/2013 16:00:00
Definition of parachute payment from the Open Dictionary – a public resource hosted by Macmillan English Dictionary Online

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