Berliner Boersenzeitung - Europa League final offers financial lifeline for Man Utd, Spurs

Both clubs head to Bilbao for the final assailed by stinging criticism amid their worst seasons of the Premier League era.

United sit 16th and Tottenham are one point worse off in 17th with just one league game remaining.

Only the struggles of relegated trio Ipswich, Leicester and Southampton saved United and Tottenham from an embarrassing battle to avoid crashing into the Championship.

For the loser of the final, the hangover from this season threatens to be a long one as the lack of European football will deal a monumental blow to their budgets going forward.

"It really does impact I think the next two or three years for both clubs," said former United captain Gary Neville.

"They need investment into their teams and if they don't get this Champions League money then there is going to be a lot less investment, which means they might not make the Champions League next season."

United have only once failed to qualify for Europe in the past 35 years.

The club's finances are already under scrutiny as co-owner Jim Ratcliffe has implemented swingeing cuts since buying a minority stake just over a year ago.

United recently announced a further 200 redundancies were planned after 250 jobs were cut last year.

In defending those decisions, Ratcliffe claimed in March that the Red Devils would have "run out of money at Christmas" without that action.

Investment is needed at Old Trafford both on and off the pitch.

- 'Faster' route back -

United announced plans earlier this year for a new 100,000 capacity stadium at a reported cost of £2 billion ($2.7 billion).

Ruben Amorim has been unable to save the sinking ship since taking charge as manager in November, with just six wins in 26 Premier League games.

"For me the Champions League is more important," said Amorim last week on whether a place among Europe's elite or a trophy in his first season was more vital.

"The best way to help us to get to the top in a few years is the Champions League. It is not the title, the trophy.

"The most important thing is how this title could help us to get back to the top faster."

Conservative estimates suggest victory at San Mames could be worth £70 million for the winner.

United made £52 million from their group stage exit in last season's Champions League.

Since then a major revamp of European competitions has increased the number of games and prize money offered by UEFA.

"A good season in the Champions League can be worth far in excess of £100 million," football finance expert Kieran Maguire told the BBC.

"By the time you combine gate receipts, sponsor bonuses and the prize money available, the numbers involved are eye-watering."

Tottenham chairman Daniel Levy has been the target of criticism from the club's supporters for prioritising financial sustainability over an ambition to win trophies.

Spurs are aiming to end a 17-year wait for silverware on Wednesday despite huge growth in Tottenham's income over the past two decades.

A state-of-the-art new stadium has opened up fresh revenue streams from hosting concerts to world title boxing bouts.

Yet, Spurs have still managed to lose over £100 million in the past two seasons.

"We cannot spend what we do not have," said Levy when the club's latest accounts were revealed in March.

Whoever fails to win on Wednesday faces a long road back to European football's top table.

(F.Schuster--BBZ)