Arsenal’s shock Europa League defeat by Olympiacos will cost them tens of millions of pounds in lost revenues, leaving the club in an ever-more perilous financial position as they desperately strive for a return to the Champions League.

Arsenal have made no secret of their need to return to Europe’s premier competition if they are to be financially sustainable going forward, and Thursday’s loss at the Emirates ensured they cannot qualify for the Champions League through winning the Europa League.

The defeat, sealed in the final moments of extra time, meant that Arsenal will miss out on millions of pounds in revenues from a tournament that brought them a crucial £40 million last season.

It comes as the club’s latest accounts showed a £27.1m loss for the 2018/19 season, and an increase in their wage bill, as Arsenal continue to pay the price for failing to qualify for the Champions League.

The Europa League remains considerably less lucrative than the Champions League but Arsenal’s run to the semi-finals in 2018 and the final in 2019 meant that participation at least softened the blow of being outside Europe’s primary competition in the last two seasons.

The £40m that Arsenal earned from last year’s run to the Europa League final in Baku, where they lost to Chelsea, included prize money from progressing through the knockout rounds and matchday income from the round of 16, quarter-final and semi-final ties.