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Manchester United’s elimination from the Champions League this week will cost the club about £15m in lost revenue, according to analysis from the International Journal of Sports Marketing & Sponsorship.

United’s defeat to Bayern Munich in the quarter-finals will lead to an estimated drop in income of about £15m compared to last year, when the club finished as runners-up to Barcelona.

Uefa distributes £3.5m to each Champions League semi-finalist and £4.5m to the beaten finalist, according the Journal, while the club would also have earned £3m-plus from gate receipts and commercial revenues from hosting a semi-final.

On top of this, it is likely that sponsorship contracts would have included incentive clauses rewarding the club for reaching the final stages of the Champions League. These payments could have netted the club a further £2m-£3m.

Reaching the final of the Champions League would have had additional benefits such as helping to grow the club's international fan base and increasing merchandising revenues. The value to the club of such opportunities is expected to be in the region of £1m-£2m.

Manchester United was also knocked out of the FA Cup in the third round by Leeds United, costing the club a further £6m in lost revenue, claims the Journal. In 2009, the club reached the semi-final.

"The figures will make depressing reading for the Glazers less than a week after estimates from JP Morgan stated that club matchday revenues in the next two years could drop by as much as £29m," says Journal editor Michel Desbordes.

"The club has also stated that ticket prices for next season will be frozen and it is understood that JP Morgan's figures reflect an expected fall in corporate hospitality revenue.

"Fans will no doubt worry that the lower revenues will mean that there is less money in the transfer kitty at a time when the squad is looking increasingly vulnerable.

"With the Glazers requiring the proceeds of Ronaldo's sale last season to keep the club in profit, it is now very difficult to see where a significant transfer kitty could be found."