Liverpool's progression to the knockout round of the Champions League has brought a huge cash injection. Despite losing 3-2 to PSV in their final league phase game, the Reds finished top of the table following Barcelona's draw to Atalanta.

Arne Slot's side will be joined by Barcelona, Arsenal, Inter Milan, Atletico Madrid, Bayer Leverkusen, Lille and Aston Villa in the next round while teams who finished outside of the top eight will face a two-legged play-off. Prior to the defeat in the Netherlands, Liverpool had pocketed £12.4million off the back of their seven European wins.

The Reds also received a payment of £15.3m for qualifying for the competition proper. On top of that, a total of £8.2m has been earned for topping the league. Finally, a further payment of £9m will be handed out to teams who qualified for the last-16 inside the top eight.

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With that said, Reach PLC's Business of Football Writer Dave Powell has explained the huge impact the competition has already had on clubs and what it can still offer.

"When Liverpool won the Champions League in 2019 the club made some £113m from the run," he said. "From a financial perspective it was significantly impactful, allowing the Reds to post a profit of £42m, a year after a run to the Champions League final and the £142m sale of Philippe Coutinho saw the club post a then world-record pre-tax profit of £125m.

"It is a huge challenge for football clubs to make a profit in a competitive landscape that has so many variables, and where for the biggest clubs the requirement of Champions League football being secured year in, year out, is so important. Liverpool’s absence from last season’s Champions League will likely see them post a significant loss of not too far off £50m when the 2023/24 figures are released, a loss than can be directly attributed to the lack of access to the lucrative revenue that competing at the top table of European football brings.

"As for this season’s journey so far in the competition under Arne Slot, ahead of the game with PSV Eindhoven, things could have scarcely gone any better, with the club having racked up seven wins from seven, with an eighth in the Netherlands taking the club to the maximum available £14.4m, with each win accruing £1.8m.

"Liverpool bagged £16m for qualification for the league stage, and in progressing through to the knockout stages the £9.4m, with a further £8.5m on offer for topping the pile. That £8.5m comes from a new revenue distribution model. Referred to as 'shares', the higher the finishing place the more 'shares' a club will receive. One share is £236,000, therefore, the 36th-placed side would take home one share that sum from the league system, whilst the team that finishes top wins 36 shares, £8.5m.

Additionally, the clubs that place between first and eighth in the league will be given a £1.7m bonus. "There is also the addition of at least one extra home game at Anfield, worth around £3.5m to the club, while access to greater pots of broadcast revenue due to the club’s strong position thanks to market pool size of the Premier League and strong UEFA coefficient ranking would add further millions," Powell added.

"It is likely that the £113m that the Reds picked up for winning the competition in 2019 will be surpassed at least two rounds before the final given their excellent performance thus far, and in a financial year where the club are aiming for a league title and a rise in the merit payments from the domestic and international Premier League broadcast markets, not to mention improved commercial performance, then the financials of 2024/25, the current financial year, will look very different to that of 2023/24, which will soon be published."