Arsenal and Manchester City’s recent exits from the Champions League have resulted in both clubs forfeiting up to €32.5 million (£28 million) each in prize money.
Arsenal suffered a 1-0 defeat against Bayern Munich, following a 2-2 draw at the Emirates Stadium. Meanwhile, Real Madrid ousted Manchester City from the competition via a penalty shootout.
In addition to the loss of prize money, both clubs are also facing reduced revenues from ticket sales and merchandise.
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The four teams advancing to the quarter-finals, including Paris Saint-Germain and Borussia Dortmund, have earned €12.5 million (£10.8 million) from UEFA’s prize pool.
The finalists are poised to receive €15.5 million each, with the eventual champions securing an additional €4.5 million (£3.9 million).
Despite their early exits, last year’s champions, Manchester City, still amassed €87 million (£75 million) from their journey to the quarter-finals, while Arsenal banked €74 million (£63.8 million).