Euro flop 'will cost FA £15m'

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Simon Chadwick, professor of sport business strategy and marketing at Coventry Business School, said: 'They could miss out on up to £15m in additional revenue that would have been earned from sponsorship deals (many of them performance-related), media payments, merchandise sales and prize money. It also puts the FA on the back foot as they enter into a new round of sponsorship negotiations.'

Losses: Brian Barwick and Geoff Thompson

The FA believe they can cope with the financial implications, particularly in light of the new £425m rights deal with ITV and Setanta.

Should the FA want to recoup some of their losses, there remains the possibility of a oneoff Home Nations championship at Wembley next summer, given that Wales, Scotland, Northern Ireland and the Republic also out of Euro 2008.

Prime Minister Gordon Brown yesterday lent his support to such a tournament, saying: 'I would enjoy that. I have got great memories from the Sixties and Seventies.'