Arsenal and Manchester City’s exits from the Champions League this week has seen both clubs lose up to €32.5m (£28m) each in prize money.
The Gunners lost 1-0 at Bayern Munich, after drawing 2-2 at the Emirates.
Real Madrid needed a penalty shoot-out to eliminate City from the competition.
This means both Arsenal and City have lost additional revenue from ticket and merchandise sales.
The four quarter-final winners – also featuring Paris Saint-Germain and Borussia Dortmund – have earned €12.5m (£10.8m) from UEFA’s prize pool.
The finalists are set to pocket €15.5m each with the eventual winners getting another €4.5m (£3.9m).
Last year’s champions City still made €87m (£75m) from their run to the last eight, with Arsenal banking €74m (£63.8m).
Credit Gist New Today News in Newspaper Nigeria Headlines