Manchester United could lose up to £20m following their shock exit from the Champions League group stage.
The Red Devils failed to reach the knockout round of the elite competition due to FC Basel's 2-1 victory in Switzerland last night.
"The cost is between £14m-£18m, just on the TV cash," leading football finance expert Andy Green told BBC Sport. "And you can assume they'll lose a few million pounds on gate receipts."
The Premier League champions are thought to have stated that season ticket-holders are still obliged to purchase Europa League tickets. However, there are fears that the North West club will not be able to sell enough seats.
"Obliging season ticket-holders to buy tickets was never a great problem when it was the latter stages of the Champions League, where tickets were hot property," Green added. "But they could face a bit of a backlash if they try that with the Europa League."
The club have not failed to progress to the group stage of the competition since the 2005/06 campaign.
