Portsmouth, Leicester City and Wolverhampton Wanderers have reached the promised land that is the premier league, but the hard work starts now if they want to stay in English soccer's land of milk and honey.

Each club will benefit to the tune of 15-20 million pounds in extra revenue, but the chances of cashing in for more than a couple of seasons are slim.

Of the 32 teams that have been promoted to the premier league since its inception in 1992, 14 have gone straight back down the next season. A further seven teams have lasted no longer than three years in the top flight.

Wolves have not spent all of 40 years wandering in the desert of the football league, but it is nearly half that time -- 19 years -- since their famous gold shirts last graced the likes of Old Trafford in the league.

Wealthy backer Jack Hayward has again got his wallet out to allow manager Dave Jones to strengthen his defence with the signings of Jody Craddock, Oleg Luzhny and Isaac Okoronkwo.

Up front, Norwegian Steffen Iverson has joined from Tottenham, while pacey Senegal striker Henri Camara has arrived from French club Sedan.

Jones will be hoping their pre-season friendlies are not a portent for the year ahead after they suffered 6-1 and 2-1 defeats at minor league clubs Morecambe and Yeovil.

Wolves were English champions three times in the 1950s, but pedigree has never been a guarantee of top flight football as their fans know all too well.

Portsmouth, English champions in 1949 and 1950, are another of English soccer's sleeping giants roused with the help of a wealthy backer, Serb-American millionaire Milan Mandaric.

Manager Harry Redknapp has used his renowned skills as a wheeler-dealer and Mandaric's money to build a team that were first division champions last year.

Despite signing seven new players in the off season, including defender Dejan Stefanovic for a club record 1.9 million pounds ($3.06 million) and former England striker Teddy Sheringham, Redknapp still wanted more players as the season approached.

"The squad is not strong enough," he told Portsmouth News last week. "We couldn't survive in the premiership with the squad we've got now."

But Mandaric may not be prepared to gamble huge sums on staying up.

"We are going to learn from other people's mistakes in the past," he said in February. "The major mistake was to sign very expensive players on long-term contracts.

"That kills the club ... We definitely have to be sensible. We just can't spend money we don't have."

FINANCIAL CRISIS

Leicester City know all about the vagaries of life in the premier league, having gone up and back down twice over the last 10 years. Relegation in 2002 triggered a financial crisis at the club and they spent much of last season in administration.

They were quickly installed as bookmakers' favourites for the drop soon after promotion in May, and manager Micky Adams undoubtedly faces an uphill task.

"I can understand why we are already relegation favourites without anyone to plough millions of pounds into the club," said Adams.

"While I accept it is not going to be easy next season, the one thing I can promise our supporters is that we will be fit, organised and well prepared, and will give it our very best shot."

Adams has made 11 new signings over the close-season, bringing in experienced premier league players like defenders Steve Howey and Ben Thatcher, midfielders Keith Gillespie and Craig Hignett and striker Les Ferdinand.