Spurs boss Mauricio Pochettino.Spurs boss Mauricio Pochettino.

Tottenham will have to win the Europa League to make up the shortfall from failing to reach the Champions League last 16, according to a leading football finance expert.

Spurs will drop into the last 32 of the Europa League after Wednesday’s 3-1 victory over CSKA Moscow ensured they finished third in Group E.

And the cost of failing to progress to the Champions League knock-out round in terms of UEFA’s prize and television money stands at between €20 and €30 million.

To make that up in the Europa League, Tottenham are likely to have to win the tournament, which will mean Mauricio Pochettino’s men overcoming five rounds and nine ties overall.

Spurs are set to earn around €36 million from the Champions League group stage, which in-cludes €20 million in television money, a €12 million participation fee and €3.5 million for registering two wins and a draw.

It already amounts to €15 million more than what they earned in the Europa League last season.

But if they had qualified for the Champions League knock-outs, they would have pocketed almost €20 million on top and around €30 million extra had they been handed a blockbuster draw.

Tottenham’s €36 million earned from the Champions League groups therefore looks light when compared to last year when Chelsea, who lost to Paris St Germain in the last 16, made €69 million while Arsenal took €53 million after losing to Barcelona at the same stage.

It means Pochettino’s side are now likely to have to win the Europa League, where they have never gone past the quarter-finals, to pocket the same figure as from playing one extra round in the Champions League.

If Spurs are crowned Europa League champions in May they could expect to earn a total of €56 million, including the €10.3 million winners’ bonus and around €10 million in television money, in addition to the €36 million already earned from the Champions Lea-gue group stage.

“The financial cost of Tottenham not getting through to the last 16 is huge,” said Rob Wilson, football finance expert at Sheffield Hallam University.

“There are some unknowns, like who they would have drawn in the Champions League last 16, but based on last year’s figures even a conservative estimate suggests they have lost out on around €20 million by going out.

“To make that up in the Europa League, where the financial re-wards are so much less, Spurs will have to win the tournament.”

Pochettino insists he will give full attention to the Europa League when it restarts in February but the combination of the additional KO round and Thursday night fixtures could take its toll on Tottenham’s domestic ambitions.

Last season, Pochettino fielded strong line-ups in the tournament until the last 16 in March, when Spurs’ Premier League title challenge assumed top priority and a weakened side were blown away by Borussia Dortmund.

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