Manchester City earned more prize money for their run to the Champions League semi-finals last season than Real Madrid did for lifting the trophy.
City received €83.9m from governing body Uefa for their best ever run in the competition – the highest payment of any club, including Real, who banked €80.1m for winning the title for a 10th time.
Chelsea earned the second-largest distribution of the English clubs, €69.2m, for reaching the last 16 – just less than €500,000 less than beaten finalists Atletico Madrid.
Arsenal, who were also eliminated at the first knockout stage, received €53.4m.
Manchester United failed to progress beyond the group stage but still received €38.1m
The prize money is determined not only by how far a team progresses, but also by how much the broadcast rights are worth in their territory.
The high value of television deals in Britain, in part due to BT outbidding Sky for the exclusive rights, means English clubs can receive more than teams from other countries who go further in the competition.