Tension is mounting as Crystal Palace FC prepare to play for a place in the Premier League in the most lucrative match in world football.

Monday's Championship play-off final against Watford is worth at least £120m to the victors - a sum which could transform the fortunes of the club - and spark further regeneration of Croydon.

Promotion would be seen as a fairytale achievement for the Eagles, who were in administration only three years ago and with a team put together for only £2.5m.

Community leaders have said Croydon being home to a premier league team would be a huge boost to the borough and areas around Selhurst Park including Thornton Heath and South Norwood.

For Crystal Palace, the influx of money would go some way towards furthering plans to redevelop their stadium, as well as strengthening the playing squad.

Co-chairman Steve Parish said: "When you look at the Premier League you get quite envious as you can see what it does for the town.

"We are the only professional club in Croydon so if we were to do well it would be incredible for everyone."

He said if the dream of promotion becomes a reality, the club would be careful on how to spend the promotion kitty.

Mr Parish added: "There is a lot riding on this game. We would have to get the spreadsheet out and have a look at it as if we did get there, of course we would want to give a good account of ourselves.

"Then we would look at the plans we have got for everything else away from the playing side."

There is a sense of excitement away from Selhurst Park about the potential benefits promotion could bring to the town, especially on the back of Westfield and Hammerson’s announcement to redevelop the town centre.

Promotion would mean thousands more fans spending money in the local community on match days, and more marketing opportunites for the borough in the UK and abroad. It could also mean plans to redevelop Selhurst Park become a reality.

Steve O’Connell, Greater London Assembly Member for Croydon, said it would be a timely boost if the Eagles won promotion.

He said: "The eyes are on Croydon already because of the Hammerson and Westfield development so to have a Premier League football team would be fantastic.

"It works symbolically that Croydon is the up and coming place at the moment and to have a Premiership team would reflect that. We would be shoulder to shoulder with some of the great clubs and cities."

"It would mean more jobs in the local community because of the additional businesses and footfall coming to the area. It would mean a great economic upturn."

Matthew Sims, Chief Executive of Croydon BID, said it would be a massive boost for the town if the club got promoted.

He said: "If it did happen it would be massive for Croydon and Crystal Palace. Bigger attendances would mean more fans coming to Croydon and spending their money here."

Promotion to the Premier League is considered to be worth at least £120m, as even a team finishing bottom of the division the following season would receive £60m for finishing last, and £60m in "parachute payments" spread over four years if they remained in the lower leagues after being relegated. Prizes for staying in the league are even higher.

For more build up to the championship play-off final see pages 10, 69 and 70, and our centre page pull-out.