Failing to qualify for the Champions League could cost Liverpool up to £50m.
The Reds have endured a horror campaign as defending champions and currently languish in eighth.
A place in next season's Champions League looks a tall order with fourth-placed Chelsea seven points ahead of them.
Liverpool's recent form also doesn't suggest they are about to go on a late charge and sneak into the top four.
The financial ramifications of that could be huge with the Reds internally anticipating losses of £40m.
But the Athletic believes that number is more likely to be around the £50m mark provided they at least qualify for the Europa League.
Liverpool have, to an extent, covered themselves with contracts for coaching staff and players including percentage reductions if the club do not qualify for the Champions League.
Liverpool’s £30m-per-season Nike kit deal does not contain a penalty clause if Liverpool spend a season out of the Champions League.
But that will change should Liverpool fail to qualify for a second consecutive season with Nike asking for a small percentage drop in the base income.
Nike also included several bonuses in their contract, which Liverpool would miss out on.
These include a £2m bonus for winning the Premier League, a £4m bonus for lifting the Champions League or £2m for finishing as runners-up.
Liverpool’s finances have also been smacked by the impact of the pandemic on merchandise sales.
Their £30m guaranteed income is lower than the £45m base income included in their previous deal with New Balance.
The Reds do also not have the financial cushion that rivals Manchester City and Manchester United enjoy.
Those two are expected to again invest in the summer, but Liverpool may not be able to so in the same way.
