Celtic’s penalty shootout defeat to Kairat Almaty wasn’t just a footballing humiliation, it was a financial hammer blow.

The Scottish champions are now facing a significant drop in earnings, with Europa League participation a poor substitute in terms of revenue.

The numbers speak for themselves.

Had Celtic qualified for the Champions League, they would have banked a guaranteed €18.62 million (£15.7m) just for taking part in the league phase. That’s before a single ball is kicked in the group stage.

Each win in the new league-format Champions League is worth €2.1m (£1.77m), and even a draw earns €700,000 (£590k). Progressing to the last 16 would have netted the club another €11m (£9.27m). The money snowballs from there: £10.5m for a quarter-final, £12.6m for a semi-final, and £15.6m for just making the final.

Now, after Tuesday’s failure in Kazakhstan, Celtic must settle for the Europa League. The base participation fee is just €4.31m (£3.6m)—less than a quarter of what Champions League qualification guarantees.

Wins are worth €450,000 (£379k) in the Europa League, while draws are valued at €150,000 (£126k)—a fraction of the Champions League’s prize structure. Even winning the entire competition brings in €13m (£10.95m)—less than what Celtic could have earned by reaching the Champions League last 16. [TNT]

The financial implications of missing out on Europe’s premier competition are stark. The gap between the tournaments isn’t just prestige, it’s tens of millions in lost revenue.

That shortfall will now define the rest of Celtic’s summer. It limits what can be spent before the window closes and raises serious questions over why the club didn’t act quicker to strengthen the squad ahead of such a vital tie.

This was a £20 million mistake and one Celtic may be counting the cost of for months to come.