Arsenal face the possibility of paying out more than £4.5million to season-ticket holders in rebates after their shock Europa League exit last night.

The Gunners crashed out on away goals after a 2-1 extra-time defeat against Olympiacos.

Pierre-Emerick Aubameyang missed a sitter from the last meaningful kick of the game and that blunder is set to hit the club financially.

Season-ticket holders have paid for seven cup games at Emirates Stadium and, following last night’s loss, they can only watch a maximum of six.

Arsenal travel to Portsmouth on Monday in the fifth round of the FA Cup and victory over the League One side could set up a home quarter-final - and sixth cup game - at home.

If they lose at Fratton Park, or are drawn away in the quarter-finals, Arsenal will be forced to offer fans a rebate for two games.

The money due varies, depending on the position of their seats but it averages out at roughly £50 per cup game not fulfilled.

Given Arsenal have around 46,000 season-ticket holders that equates to a pay out of more than £4.5m if there are no more cup games at the Emirates.

Fans have the option of redeeming the money from the club or they can have the amount they are owed deducted from the price of their season ticket for next season.

Last night’s European exit is also a major blow to Arsenal manager Mikel Arteta, who viewed the Europa League as a viable way of qualifying for next season’s Champions League.

But Arteta has told his Arsenal players not to give up hope of qualifying for the Champions League via the Premier League.

That will not be an easy task with ninth-in-the-table Arsenal seven points off the top four and only 11 games remaining.

Fifth place could yet be enough to qualify for the Champions League if Manchester City are banned from European competition for the next two seasons for breaches of UEFA’s financial regulations. The Gunners are just four points off fifth-placed Manchester United and, although Arteta admits it will be difficult, but he has told his squad to not give up hope.

“I just want to concentrate now on lifting those players, getting back the belief, and convincing them that there is still a lot to play for, and move on,” said the Spaniard.

“It’s part of this sport that a big disappointment can happen and it happened tonight. We have to learn and react as a team and as a club.

“Looking at the table we’re still far from the objectives that we all have, but we’ve been far all season and we have to keep fighting.”