Crystal Palace manager Ian Holloway has labelled his players "heroes" after they sealed promotion to the Premier League this afternoon.

Kevin Phillips scored a penalty in the first half of extra time to hand the Eagles a 1-0 win over Watford in the richest match in football.

Holloway was quick to pay tribute to his players after he achieved promotion for the second time in his career, having also led Blackpool into the top flight in 2010.

"How much you spend on your group isn't always what gives you," Holloway said.

"It's what's inside their hearts and how much they work for you.

"I've been very fortunate that both teams that have done it for me, I was privileged to have worked with them. To me they're Palace heroes."

The Championship playoff final is estimated to be worth at least £120m to the winners due to increased revenue and potential parachute payments.