Both Arsenal and Manchester City have lost up to €32.5m (£28m) each in prize money following their exits from the Champions League this week.
Arsenal fell to a 1-0 defeat at Bayern Munich after a 2-2 draw at home, while Manchester City were eliminated by Real Madrid in a penalty shoot-out.
In addition to prize money, both clubs have also missed out on revenue from ticket and merchandise sales.
The four quarter-final winners, including Paris Saint-Germain and Borussia Dortmund, have each earned €12.5m (£10.8m) from UEFA’s prize pool.
The finalists will receive €15.5m each, with the eventual winners taking home an additional €4.5m (£3.9m).
Despite their early exits, last year’s champions City still made €87m (£75m) from their run to the last eight, while Arsenal earned €74m (£63.8m).
