TRANMERE Rovers chairman Mark Palios feels relegation from League One will cost his club £1million.

Tranmere will be back in League Two next season after going down alongside both Southend United and Bolton Wanderers.

And Palios believes it will hit the club hard.

“The consequence of what has happened, if not overturned, is that we now have to prepare for a drop of approximately £1 million in our income next year, over and above the financial stresses of having no gate income,” said Palios.

“However, we shall survive because of all the hard work put in, by so many people, over previous years to ensure we have sound financial foundations.

“Inevitably, this decision will have a knock on impact on the capital projects we had planned and lead to a reduction in staffing numbers.

"The latter aspect, in particular, makes me sick at heart, but I shall do what I have to do to make sure this club lives to fight another day.”

Tranmere have been relegated despite being just three points behind AFC Wimbledon with a game in hand when the season was suspended due to the coronavirus pandemic.