English soccer club Liverpool, hit by the financial blow of failure to qualify for the knock-out stages of the Champions League, are playing for more than the revenues qualification to the competition would bring next season.

According to a study produced by Italian sports business consultancy StageUp, Liverpool have received US$195 million from participation in the competition over the last six years - the fifth-highest of any club in Europe. That amount has allowed the signing of players such as Fernando Torres, the Spanish striker who has quickly become an iconic figure on Merseyside.

Failure to finish in the top four of the Premier League for next season would not just rob Liverpool of that lucrative revenue stream. According to press reports, it would also see the club's record shirt sponsorship agreement cut.

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'The debt-laden Merseyside club and banking giant Standard Chartered agreed a £20 million-a-year, four-year sponsorship deal, which will start in July 2010,' reported England's Sunday Express newspaper. 'However, under the terms of the deal Liverpool need to secure a finish in the top four to get the full amount.

'It is understood that if Liverpool finish outside the top four, they will receive a reduced fee,' the newspaper claims.