LIVERPOOL could offset the multi-million pound impact of their Champions League exit with an extended run in the Europa League according to an academic.

Simon Chadwick, professor of sport business at Coventry University, has calculated that the club’s failure to make it to the last 16, potentially cost the club 20million euros – around £18m – and the local economy more.

Liverpool will rake in around 6.6m euros (£6m) in prize money simply for reaching the group stage of the Champions League, and winning one and drawing one of their five games to date.

In addition, they will receive a market pool payment at the end of the campaign, which last season amounted to 10.1m euros (£9.1m).

However, that will represent a significant shortfall on the 23.2m euros (£21m) they received from their 2008-09 European campaign, which ended in a quarter-final defeat by Chelsea.

Chadwick said: “Liverpool, on top of the 15million euros they are going to get, could have earned another 20million euros. Obviously, that calculation is predicated on getting to the final, but simply by playing your two games in the last 16, you are looking at around three million euros in prize money.

“What they can do is offset some of the damage to their commercial activity if they can get to the final of the Europe League.”