Arsenal managing director Vinai Venkatesham admits missing Champions League qualification has hit the club's bottom line.

Venkatesham - who was promoted to managing director in September - admits another season without Champions League football is likely to have a detrimental impact on finances, though he did stress it would not have catastrophic implications.

He stated, "I think it has an impact across the club - it is a material impact, financially being in the Europa League and not the Champions League.

"It is hard to put a number on it because it depends how well you do in the Europa League and how well you do in the Champions League and it depends on how many English clubs are in both.

"But it is tens of millions of pounds, so there is a financial incentive to it. But we want to be playing in the biggest games, it is a bigger competition being in the Champions League.

"The more years we spend out of the Champions League the bigger strain in puts on the business model. There's not a final point we get to where it becomes a catastrophic problem and we are nowhere near that."