Real Madrid have missed out on a significant financial gain after failing to make the final of the UEFA Champions League.

Manchester City dealt a fatal blow to Real Madrid's European title defence with a resounding 4-0 victory at the Etihad Stadium on Wednesday, securing their spot in the final next month.

The loss will have financial implications for Real Madrid, who would have earned a significant sum of €15.5m had they progressed to the final and faced Inter.