With exits from the Champions League this week, Arsenal and Manchester City have incurred hefty losses amounting to €32.5m (£28m) each in prize money.
Arsenal’s defeat of 1-0 by Bayern Munich, following a 2-2 draw at the Emirates, marked their disappointing exit.
Meanwhile, Real Madrid’s triumph over City, secured through a penalty shoot-out, led to City’s elimination from the competition.
Both clubs have also faced a decrease in revenue from ticket sales and merchandise following their elimination.
The quarter-final winners, which include Paris Saint-Germain and Borussia Dortmund, have already earned €12.5m (£10.8m) from UEFA’s prize pool.
The finalists stand to gain €15.5m each, with the ultimate winners receiving an additional €4.5m (£3.9m) in prize money.
Despite these recent losses, last year’s champions City still managed to make €87m (£75m) during their journey to the last eight, while Arsenal earned a total of €74m (£63.8m).