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There’s definitely a correlation and a bigger budget gives you more chance of success but just as important is how the money is spent. A small budget spent on well will go further than a big budget frittered away.
Carlisle had one of the top budgets last season and that worked out well for them.
You only have to look at how Manchester City have risen to the top in the last 20 years to answer the budget question but there are far too many examples of clubs who have 'invested' with the only outcome being insolvency to suppose that it's the holy grail. Money is a massive factor but only one of many.