Arsenal and Manchester City’s exits from the UEFA Champions League this week has seen both clubs lose up to €32.5m (£28m) each in prize money.
The Gunners lost 0-1 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 €12.5 million (£10.8 million) from UEFA’s prize pool.
The finalists are set to pocket €15.5m each with the eventual winners getting another €4.5 million (£3.9 million).
Last year’s champions City still made €87m (£75 million) from their run to the last eight, with Arsenal banking €74m (£63.8 million).
