Liverpool have £350m gap to Real Madrid that they need to close

Liverpool's 2-0 victory over Inter Milan on Wednesday saw them place one foot in the last eight of the Champions League.

Under Jurgen Klopp the Reds have returned themselves to the elite group that challenge for the greatest honour in European club football year in, year out.

Finalists in 2018, winners in 2019 and with last 16 and quarter final appearances in the two subsequent seasons, Liverpool are on song and in the hunt for their seventh title.

For Liverpool and owners Fenway Sports Group their qualification for, and success in the Champions League has formed a crucial part of their business plan in recent seasons, with the Reds having brought in over £110m in revenue in their 2019 trophy-winning year, and having already hurtled towards the £80m mark for their efforts this season.

It is why top four qualification has been so sought after, and why those who have been unable to keep pace risk falling behind and trailing badly owing to the missed income and the lack of appeal to the biggest players on the planet when it comes to signing for clubs who haven't secured their place among Europe's elite.

When FSG took the helm at Liverpool in 2010 the Champions League was valuable, but fast forward 12 years and that value has only been driven higher to the point of missing out on a top four spot can have dire knock-on consequences for clubs who fall short. That's why Liverpool's later run to third in last season's Premier League was so vital to their short and medium term future.

In 2010 a Champions League win in the group stage was worth €0.8m to clubs, now it is worth €2m more. According to insights from Off the Pitch, in the 10 seasons from 2011 to 2020, European clubs received a collective €10.3bn in Champions League