Manchester United's elimination from the Champions League by Real Madrid, who won at Old Trafford, could cost them at least £22 million.
Sir Alex Ferguson's side had looked set to progress as they led the Spanish side 1-0 at Old Trafford, but goals from Luka Modric and Cristiano Ronaldo after Nani's controversial sending off put them out.
United will bank £34 million in prize money from UEFA, compared to the £30.4 million earned when they failed to get out of their group last season.
But a run to the final would have seen their UEFA earnings top £56 million, with almost as much again earned through sponsorship bonuses, merchandise revenue and gate and TV money.
United's early exit last season saw club revenues fall for the first time since the Glazers family took over.
Information from the Press Association was used in this report