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Celtic's defeat to Cluj will have upset fans because it means another season without glamour Champions League ties.

For them, the Europa League just isn't the same and it's a major disappointment not to be in Europe's premier competition.

It's not only the prestige that is missing, though, with Celtic now set to lose a huge financial gain from the Champions League group.

If Celtic had held on against Cluj and then got past Slavia Prague in the next round, they would have been adding even more money to their bank balance.

The £25million from Kieran Tierney's sale to Arsenal lessens the blow a wee bit but Neil Lennon has already warned it could mean less money for transfers.

(Image: SNS Group)

That's not what Hoops fans want to hear but the money difference between the Champions and Europa League means it's a must.

If Celtic had qualified for the group stage of the Champions League, they would have guaranteed a mammoth £14.1m. The comparison with the groups of the Europa League, should Celtic defeat either AIK or Sheriff Tiraspol, then they'll only be guaranteed £2.7m.

Add in the the money from the co-efficients and Celtic would have got at least £1m for being ranked anywhere in the Champions League, compared to just £66k for the Europa League. If they managed to become the top ranked team in the secondary competition then they would get £3.17m but that is highly unlikely.

Add in prize money for winning games, as well as the lower price, and more than likely sales, of tickets for the Europa League games in comparison to the Champions League and you're looking at a minimum of £14m less for Celtic over the course of the campaign compared to reaching the Champions League groups.

With £10m worth of summer signings sitting on the bench last night with Christopher Jullien and Boli Bolingoli, as well as the money to be lost from not reaching the groups, then the £25m for Tierney looks less likely to be used for big money signings.