Co-chairman Stephen Browett has vowed the golden riches of the Premier League will not change the ethos of Crystal Palace.

The Eagles are back in the top flight of English football after an eight-year absence and will benefit from a cash injection of at least £120m even if they finish bottom and get relegated thanks to television money and parachute payments.

It is a figure that secures the club's long-term future just three years after they were on the brink of going out of business before Browett and fellow owners Steve Parish, Martin Long and Jeremy Hosking rescued them at the last minute.

But despite the natural instinct to splurge the cash, Browett and co will continue to spend wisely and not risk a repeat of 2010.

"I still cannot believe we are in the Premier League," he said.

"We have done it through careful management and it's just fantastic. The mid to long-term future of the club is sorted.

"It means we can seriously look at developing the stadium and part of the money will definitely be allocated to that but it will be spread around.

"It means we now don't have to sell a player every year. Over the last three years, we either have had to put in £5m a year or sell a player, now that doesn't have to happen any more.

"We know have to improve the squad but we will be sensible.

"The models of West Brom, Swansea and Norwich in particular are very much what we will be looking at. They have proven you can get into the Premier League and stay there without going crazy.

"One thing is for certain is that we won't be doing a Portsmouth."

Kevin Phillips's extra time penalty secured the 1-0 extra time Championship play-off final win over Watford at Wembley on Monday that sparked wild celebration scenes.

Browett joined the players, staff and management for an after party back at the team hotel and admitted he still felt a little out of place.

"I still think of myself as a fan, I felt like I was gatecrashing a party," he said.

"But it was a fantastic experience for us. Three-and-a-half years ago I wouldn't have thought it was possible I would part-own Palace and be on the pitch at Wembley celebrating promotion to the Premier League."